SP500 technical analysis and NASDAQ analysis for today April 13th using Elliott Wave Theory– The market tried to rally and failed and sold off to test the pivot a second time on the SP500. The bulls held again but their backs are against the wall.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is trying to rally off of the low that held the pivot. So far as of this writing they have a 3 wave structure in place. We need to see a 5 wave structure followed by a 3 wave pullback hold and then another rally take out the high to confirm the uptrend. We have a bottoming signal on the daily chart. These produce significant rallies but can be early so we need confirmation before we load up.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the SP500 can hold 4320-25 it can be a wave 2 and start a wave 1 of 3 rally from there and with the bottoming signal this is our primary alt count. However if they can’t hold for a wave 2 then we likely test the lows.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is along for the ride and seeking support in order to start it’s wave 3 higher. It’s seeking support above 13492 or else it also looks to the lows.