SP500 technical analysis and NASDAQ analysis for today June 1st using Elliott Wave Theory- The market pulls back into support and holds and is trying to start a bullish move higher. Can the bulls follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back to a key area just below 4180. Assuming they can hold that low we would be looking at building either a potential wave 1 of 3 or 1 of 5 higher. If it’s 3 we would target 4370, if it’s 5 we would target 4320

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 pulled back right to the 1.0 extension and held support. Now we would look for them to push higher in wave 5 to complete the move off of the low at 14750-14800

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