SP500 technical analysis and NASDAQ analysis for today May 26th using Elliott Wave Theory- The market was unable to sustain a rally to the upside and break the pivot. Now the most likely path is lower.

SP500 Technical Analysis

SP500 technical analysis is telling us that the structure up isn’t a iii of 3 and therefore is a failed move higher. The most likely scenario here is a trip to 3750 to find a new low to rally off of.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ structure is corrective and doesn’t have much in the way to support a move higher. We should be looking for a new low on the NASDAQ for them to try to rally off of.