SP500 technical analysis and NASDAQ analysis for today August 12th using Elliott Wave Theory- The market charged higher before selling off the second half of the day. Is it time for the pullback?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed higher at the open to 4260 before selling off the rest of the day but still held support. The theme remains the same. If the bulls can hold 4180 we look higher but if the bears break through we should start the pullback toward 4080 to start. If they push higher 4280 then 4300 are the next levels to the upside.

However, our overall outlook remains we need a pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that they pushed to new highs but then sold off. If the bears can break below 13300 and then 13243 then we should start to see some accelerated selling down toward the 12814 level. From there we will see what kind of reactin we get. If the bulls hold over 13243 then we can push to 13700-800.

However, our overall outlook remains we need a pullback.