SP500 technical analysis and NASDAQ analysis for today June 6th using Elliott Wave Theory- The market pushed over 4302 and now we have clear parameters. Is it return of the bears?

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. As long as we are over 4253 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 4253 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. As long as they are above 14472 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 14472 is a warning to the bulls that the move up may be out of gas.