SP500 technical analysis and NASDAQ analysis for today April 19th using Elliott Wave Theory- The Market gave us some sideways sloppy chopping action on Monday and although it didn’t move much it gave us a clear set of parameters moving forward.

SP500 Technical Analysis

SP500 technical analysis is telling us that for the bulls to take control of the market they need an immediate move lower that they can build off of. If they can get that and we can get a 5 wave structure up we can talk about wave 1 of 3 higher. However if they continue to push this higher it becomes more likely we are in wave 2 of C and heading down

SP500 technical analysis using Elliott Wave Theory is also telling us that if the bears break directly below the 4300 level then we are already likely in wave 3 down targeting around 4100 and the 4000 overall.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is also looking for an immediate low to build off of. The higher they push on the NQ the more likely we test the lows and the 12500 region