SP500 technical analysis and NASDAQ analysis for today November 21st using Elliott Wave Theory- The market ended positive on Friday but still has a setup for a move down. Can the bears hold resistance?

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears have built a setup to the downside targeting the 3850 area and then ultimately 3700 after a bounce. This move down should be the B wave of the ABC move we have been tracking off the lows. If that is the case we should see a strong move up to 4300 after the fall to 3700.

However, a break over 4019 area would make us look at wave 5 at 4150 before a strong pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is setup for a move down toward the 11100 region in an ABC move. From there we would look for a strong bounce to the 13000 area to challenge the August highs into the end of the year.

However if they break over 11981 we should see a move toward 12390 before a strong pullback.