SP500 technical analysis and NASDAQ analysis for today June 8th using Elliott Wave Theory- The market grinds lower toward our support targets. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 has moved down toward our support area where the bulls will have to take control or risk losing this market to the downside. As long as they hold 4253 we can still see a push to 4320-70

However, if they fail to break out the bears can take the market down to 4257 and if the break 4253 much lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ remains bullish but has lost it’s upper support. Now it needs to hold the 13845 level or the NQ may be in a situation where the top is in. If they can hold they can run to the 14770-14900 area.

However, a break below 13845 is a warning to the bulls that the move up may be out of gas.