SP500 technical analysis and NASDAQ analysis for today November 30th using Elliott Wave Theory- The market continues to move lower and give the bears a shot to take control. Will they?

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears continued to build a downside pattern that gives us an indication the pullback we’ve been looking for is underway. They still need to break down below 3912 and ultimately 3900 but this is the kind of pattern you want to see. We should see either a bounce toward 4000 or a direct move lower through 3921

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 continued to build a pattern to the downside. We are looking for follow through from the bears that would lead us down to the 11000-11100 area to complete the move down. However if they break directly above 11945 then it becomes more likely we head toward 12200 before dropping.