SP500 technical analysis and NASDAQ analysis for today August 23rd using Elliott Wave Theory- The bulls open the market and the bears close it. Who is in control?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market held at a critical point and pushed down giving us a battle zone. The bears MUST hold yesterday’s high and continue on the path down. We could see a bounce to 4420-25 before a move to 4430 but a direct break of 4490 would indicate we are already in 3 and targeting 4330

However, if they hold break back over 4440 then the bulls can take back control of the market.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ should look to hold yesterday’s high. They have a 1,2i,ii setup that would target 14870 next and 14750 for wave 1 of 5 of 3. If they can follow through on that we would look for 14386 next.

However, if the bulls can push back over 15121 the bulls can take back control.