SP500 technical analysis and NASDAQ analysis for today November 29th using Elliott Wave Theory- Support breaks and the market moves lower and now looks to be starting the pullback we’ve been looking for.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears broke down through support and followed through toward 3960. From here we are looking for a wave 2 bounce before a move down to the 3850 area. After that we would look for another bounce before we see a drop toward the 3700-3800 area.

However, a break above 4030 would indicate one more high coming in the 4060-4100 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also broke support and has a pretty standard ABC setup to the downside. We would look for a wave 2 bounce before a strong move heading down to the 11000-11100 area. From there we would look for a strong bounce toward the 13000+ area.

However if they break directly above 11945 then it becomes more likely we head toward 12200 before dropping.