SP500 technical analysis and NASDAQ analysis for today August 18th using Elliott Wave Theory- The bears broke upper support and are trying to push lower after hours. Are we ready to start the pullback?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke 4280 upper support on the SP500 and even approached the 4249 area before bouncing. From there they bounced but then sold back into the close are are attempting to push lower overnight. They need to break 4249 then 4203 to give us confirmation that the pullback is underway.

However, if they can’t break through support the bulls can push to 4336-4360

NASDAQ Analysis

NASDAQ analysis is telling us that they broke their upper support but still need to break through 13285 to really signal that the pullback is underway. They are attempting to push lower overnight and are looking to follow through on the down move.

However, if they can’t break through 13285 they can push back up toward 13800-850.