SP500 technical analysis and NASDAQ analysis for today April 11th using Elliott Wave Theory- The market sold off at the close on Friday and continued the selling in the Sunday overnights. Does this mean the rally is over?
SP500 Technical Analysis
SP500 technical analysis is telling us that the market likely will be making another low in the 4400-4430 region before starting wave 1 of 5 higher on the SP500. If they break down below 4400 then all eyes are on 4369 as the must hold level for the bulls.
NASDAQ Technical Analysis
NASDAQ analysis is telling us that the NQ is a little trickier. Right now it appears we have a wave 2 in progress on the NQ and are looking for it to bottom in the 14106-13832 region. If that is the case we should see a strong reversal in wave 1 of 3. If they can’t hold the 13832 region we will need to assess the overall market.
SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is also telling us that if the SP500 pivot can’t hold that is an indication of a failed move higher and we could see lower lows pretty quickly.
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jcgabbard
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