SP500 technical analysis and NASDAQ analysis for today August 19th using Elliott Wave Theory- The bears were unable to break support and we traded in a range all day. We will see if they can follow through on an OPEX Friday.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to continue to push down and break 4249 but didn’t give the bulls a breakout to the upside. Trading in a range has our parameters basically the same. The bears need to break 4249 to get the ball rolling to the downside and the bulls are still in control until they do.

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

NASDAQ Analysis

NASDAQ analysis is telling us that we tested support and bounced again but traded in a range which means the setup for down is still there but they need to break support first. We are looking for a break of 13285 but as long as we are over support the bulls are in control.

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