NASDAQ and SP500 technical analysis for today February 18th using Elliott Wave Theory- The NASDAQ and SP500 both sank as expected. We are now watching for them to potentially rally higher before dropping or drop directly.

For the SP500 we could see a move higher toward 4440 before a drop. However, they can drop it more directly. In both cases I ultimately expect lower on the SP500 to test the 4300 zone. A break leads to lower lows and a bounce could head to 4640 ES.

For the NASDAQ we are looking for a move lower as well but like the SP500 it can rally first before it drops but we ultimately expect lower.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that we should test the lows from last month and if they break them finally end wave 4.