SP500 technical analysis and NASDAQ analysis for today July 21st using Elliott Wave Theory- The market breaks support and sells off. Game over for the bulls?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market dropped down below it’s upper support area. This selling continued and the market is now looking to test it’s next level of support. If they can break through 4530 selling can accelerate on the ES. A break of 4530 would lead us to our next level around 4500 from there.

However, if we do see them start a bounce we would look for the 4583-89 region.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ broke support and accelerated to the downside, then broke 15666 and accelerated more. Now we have another key level at 15100 for them to break through to indicate a top is in and we are in one of the 2 pullbacks we have spoke about.

However, if they can hold we should see an ABC bounce toward the 15804-865 area.