SP500 technical analysis and NASDAQ analysis for today May 11th using Elliott Wave Theory- The market gave us whipsaw and ultimately closed about breakeven as we wait for CPI data to be the catalyst to allow the market to escape this battle zone.

SP500 Technical Analysis

SP500 technical analysis is telling us that it’s pretty simple for the bulls. Find an impulsive rally higher. If we can get an impulsive move over 4070 that would be a strong indication of a reversal and a move higher has begun. However, if they fail to rally and can’t hold 3930 then that should be a warning that we may be seeing 3750 before we finally bottom.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has a shaky 1,2,i,ii setup that needs to break out over yesterday’s high and rally to at least 12612 but would be better with a move to 12716. however if they fail lower and break the wave 2 low as labeled we likely break the 12102 low.