SP500 technical analysis and NASDAQ analysis for today May 31st using Elliott Wave Theory- The bears grind it lower as we head into the last day of May. Is it time for the bulls to go away?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is still setup for one more push higher toward the 4310-20 region. As long as the bulls can hold over 4195 and more importantly 4144 then we should see a sustained push to the 4300 region.

However, a break below 4144 should be a strong warning to the bulls that the move up is over

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ grinded lower and is still well above it’s key support. We would expect the NQ to grind higher toward the 14705-14800 area to top out in this move up and start a much larger move down.

However, a break below 14103 is a warning to the bulls that the move up may be out of gas.