SP500 technical analysis and NASDAQ analysis for today April 7th using Elliott Wave Theory- As expected C continued it’s move down and tested support. Now we need to see if the bulls can hold support to keep the bullish structure alive.

SP500 technical analysis is telling us that the we likely need one more low to complete wave C. We should look for support around 4430 on the move down. If they break below 4430, they need to hold 4369 as our line in the sand level for the move higher.

NASDAQ analysis is telling us that the move down has challenged our line in the sand. However, it is possible that the move up off the lows was all of wave 1 and we are looking at a wave 2 pullback instead. For this to play out we would look for a break of 14370 but also for the SP500 to hold it’s line in the sand. If however they can hold 14370 we can get a wave V higher to complete wave 1.

SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is also telling us that if the pivots can’t hold that is an indication of a failed move higher and we could see lower lows pretty quickly.