SP500 technical analysis and NASDAQ analysis for today June4th using Elliott Wave Theory- The market hit 4297 on the futures which is 3 points from our target we set back in October. Now what?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 has reached a critical area. I expect a little higher from here but overall the downside risk is becoming a factor. I would look for 4320-50 as a topping area then the pullback will tell the story. If it’s corrective we can see ATH’s, if not we can see a big selloff.

However, a break below 4175 should be a strong warning to the bulls that the move up may be over

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continued to grind into it’s target area. We can see them extend to the 14750-900 area but overall the downside risk is big. The move down will tell the story.

However, a break below 14250 is a warning to the bulls that the move up may be out of gas.