SP500 technical analysis and NASDAQ analysis for today May 16th using Elliott Wave Theory- The bulls rallied hard on Friday and now face a big test. Can they hold support and take back control of the market?

SP500 Technical Analysis

SP500 technical analysis is telling us that it’s pretty simple for the bulls. They need to hold their support area above 3898 and push over the 4042 then 4070. If they can do that it’s a strong sign for the bulls. If they are unable to hold the 3898 area then it becomes more likely we are looking at the 3750 area next.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has to hold support off of the high above 11882 and take out 12498.75 then 12550. If they can do that the bulls can be on their way in the next rally to ATH’s. If they fail to hold support we look toward 11500.