SP500 technical analysis and NASDAQ analysis for today July 20th using Elliott Wave Theory- The NQ breaks upper support. A sign of weakness or just the same old song?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market Popped up to the 4606 area before pulling back and then testing support again. This is something we haven’t seen of late and may indicate some weakness. They are still over support at 4581 down to 4530 and as long as that is the case pressure is up to the 4640 region.

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 able to break the upper support band and has a setup for lower if they can follow through. But as long as they are over 15666 pressure is up to the 16244 area.

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