SP500 technical analysis and NASDAQ analysis for today May 17th using Elliott Wave Theory- The market failed it’s bullish setup. Can the bulls keep control?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 wasn’t able to breakout and sold lower. Now it would look better with a break of the b wave low down toward 4105. If they do decide to push a break over 4145 would be a start to a potential bullish breakout.

However, if they break below 4088 we look toward the 3950 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continued it’s march higher and took out the 1.0 fix ext. This means that as long as we are above 13329 we are bullish and would look to 14060 overall.

However, if the bears can break the 13329 level Then 12800 area and push down we could see a move to the 12500 area more directly