SP500 technical analysis and NASDAQ analysis for today May 12th using Elliott Wave Theory- The market moved lower breaking key support on both indices. Now what for the bulls?

SP500 Technical Analysis

SP500 technical analysis is telling us that it’s pretty simple for the bulls. Find an impulsive rally higher. If they can get that above 3900 then they can make a move higher sooner than later and ultimately they would need to take out 4300. If they can’t do that we would look for a bounce toward 4200 and then a move lower toward 3750.

However, if they move more directly to 3750 then we need to be on alert for a bigger move down.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has to hold support between 11850 – 11500 or we likely looking at a much larger move down.