SP500 technical analysis and NASDAQ analysis for today July 14th using Elliott Wave Theory- The market sold off in the premarket with a ridiculous 100 point 5 minute bar then rallied unitl it sold off late in the day. Now we have a setup for lower with a triangle option as well.

SP500 Technical Analysis

SP500 technical analysis is telling us that with the selloff today just below the pivot and a rally back over it we do still have a setup for lower but the need to push back down through the pivot and break yesterday’s low to confirm it. If they do we could see 3715 or 3666 very quickly.

However, if the market can rally back above yesterday’s high then we could be looking at 3900 in a triangle setup.

NASDAQ Analysis

NASDAQ analysis is telling us that the current setup is for lower but they need to follow through and break yesterday’s low. If they can we target 11250 but if it breaks we could see 10500-10600 as a new low.

However if they can rally back over yesterday’s high we could see a D wave in the triangle up toward 12177.