SP500 technical analysis and NASDAQ analysis for today December 23rd using Elliott Wave Theory- The market fell off of the .382 retrace and gave us a wave 5 down that may have completed. Now the market faces another test.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 fell off of the .382 retrace and made a new low then rallied hard into the close. We are now at the critical .5 retrace of the move down and if the bulls can push through it’s a strong indication that a bottom is in. If that is the case we should be starting the rally up to 4300.

However, as long as we are under 3852 wave 5 of v down to 3750 is possible.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has rallied but not as strongly as the SP500 and that is a bit concerning. We would like to see a push over 11072 then 11135 to give us a strong indication we may be in the C wave higher to 13000+

However as long as we are below 11135, pressure remains down.