SP500 technical analysis and NASDAQ analysis for today May 20th using Elliott Wave Theory- The market pushed lower then consolidated higher off the low in what is looking like a wave 4. I am expecting another move lower in both indices moving forward.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears pushed lower today and then consolidated. This is pretty typical of a wave 4 bear flag type setup. We would expect a push down to the 3700-50 region the SP500 but we could see a bounce as high as 3969 first.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ also pushed lower then consolidated. We expect them to push lower toward 11500 but we may see a bounce to 12122 area first.