SP500 technical analysis and NASDAQ analysis for today August 17th using Elliott Wave Theory- The market pushed higher before selling off at the close but the bears still haven’t broken key support. That means the bulls are still in control

SP500 Technical Analysis

SP500 technical analysis is telling us that the market continued to push higher on the SP500 toward 4328 before a brief selloff into the close. That was met with a push higher and trading sideways. The bears were unable to break support which means we can still see higher levels up to as high as 4350-60. We have the FED minutes as a catalyst so we will see if that is a bullish or bearish catalyst.

However, our overall outlook remains we need a pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that they continued to push higher and then gave a brief selloff but they were unable to break key support.. They are now consolidating under the high and can push up to 13764-13817 if the bears can’t break support. The bears need to break 13500 then 13280 to get the ball moving downhill.

However, our overall outlook remains we need a pullback.