SP500 technical analysis and NASDAQ analysis for today May 25th using Elliott Wave Theory- The market sold off but held support and rallied. So now what’s ahead for the bulls and bears?

SP500 Technical Analysis

SP500 technical analysis is telling us that the structure up isn’t my favorite structure and looks like a diagonal which aren’t trustworthy. However, if they can top in 1 of 3 and hold support around 3900 and then move through the pivot then the bulls may be back in control.

However, if the market cannot hold 3900 then it’s likely we break the wave 2 low and head toward 3750

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ structure is a bit more messy than ES and that is the worry we have with the bullish potential. If they can hold 11650 and make a new high and push through the pivot then the bulls are likely in control.

However a fail to hold support and we likely make new lows.