SP500 technical analysis and NASDAQ analysis for today November 22nd using Elliott Wave Theory- The market chopped lower on low volume during a holiday week. Not surprising given the holiday but who is in control now?

SP500 Technical Analysis

SP500 technical analysis is telling us that the structure is getting ugly which favors the bears. Right now the bears are looking to push toward 3850 more directly before we would bounce back toward 3950. The bulls can make a bigger circle b wave toward 4000 but we would still look for a drop in C.

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 much uglier than the ES and is why we don’t think the move higher is likely. The NQ looks ready to break down toward the 11100 area for it’s B wave pullback before we see a C wave toward 13000+

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