SP500 technical analysis and NASDAQ analysis for today May 19th using Elliott Wave Theory-The bulls get annihilated as the bears push the market down all day in an over 4% route. The bulls have some work to do before they can be trusted.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears pushed lower today but so far only have a 3 wave structure as it appears. This means we should see a bounce on the SP500 in wave iv of 1 down toward 3967-3989. If we see that and another low that would be wave 1 down. If they have a bigger bounce up to 3995-4048 then we could be looking at wave 2 and then look for 3,4 and 5 to take us down to 3700.

However, if they can get an impulsive move that takes out 4048 and eventually the high from 5/17 then the bulls can regain control of the market.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has similar bounce options to the SP500. A smaller bounce to 12090-12176 would be a wave iv of 1 down. A bigger bounce from 12203-12410 would be a wave 2 bounce and an impulsive move higher that takes out 12410 and ultimately the high from 5/17 would give the bulls control.