SP500 technical analysis and NASDAQ analysis for today April 20th using Elliott Wave Theory- The market traded sideways yesterday so we zoom out and discuss the options for the SP500 and the NASDAQ.

SP500 Technical Analysis

SP500 technical analysis is telling us that the current structure has both pros and cons for the bulls and bears. The bulls need to complete a leading diagonal in order to keep the structure alive for the move higher toward 4750. If not it becomes very likely we are revisiting the 4000 level before we can start higher again.

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 looking to either build a leading diagonal in wave 1 of 3 or they can get a low to build off of. A move below 13491 is a sign we are likely going to revisit the lows and ultimately the 12500 area.