SP500 technical analysis and NASDAQ analysis for today December 14th using Elliott Wave Theory- The market shot higher on CPI data above our targets and then sold off much of it’s gains throughout the day. So where do we go from here?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 shot higher in what could be a 5 of C of A to complete the move up. If so we should see selling down to the 3700-3800 area from here and then a launch higher.

However, if they are able to hold the low from 12/7 and shoot up past the 4228 level we should look for a breakout from the bulls.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also saw a big spike higher on CPI data and sold off much of those gains. This now sets us up to sell down to the 11000-11100 region for a b wave and then another push from there.

However if they hold the 12/7 low and push over 12555 then it opens the door for a bull breakout.