SP500 technical analysis and NASDAQ analysis for today July 19th using Elliott Wave Theory- The market goes Air Jordan and flies higher. Is it unstoppable?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market tested support and then spiked higher Tuesday to give us a higher high around the 4585 target. The theme of the market is the same. Hold support and pressure is up. Right now support is 4530 then 4411. As long as they are above that we can extend to the 4606-4638 area.

However, if/when they break down below support we should see accelerated selling even in the bull count.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ was unable to break support so they pushed higher to the 16019 area. Now as long as they hold over 15666 they can push to the 16244 area.

However, if they break support at 15666 and then the Sunday low we could see accelerated selling to the downside.