SP500 technical analysis and NASDAQ analysis for today April 27th using Elliott Wave Theory- The market took a nose dive today as expected after testing our pivot on the SP500. We are now looking for a bounce before another push lower.

SP500 Technical Analysis

SP500 technical analysis is telling us that the current bounce needs to hold the 4200-4220 area and then start a push down toward 4095 to complete all of wave (3) in black. If they rally up toward the 4400 region or push down through 4065 then we have to start considering the red count as more serious.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the rally exceeds the black pivot we have to be alert for the red count to play out. In this case it would be a sentiment shift in the market and we would be looking much lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to push higher in a bounce before heading lower and taking out the lows on it’s way to the 12500-12250 region.