SP500 technical analysis and NASDAQ analysis for today May 26th using Elliott Wave Theory- The bulls rally strongly into resistance. Can they blow the top off or pullback?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 shot higher yesterday and does have a potential 1,2,i,ii setup. If they follow through we can see a direct move toward 4200. They can also take a direct route higher if they blow through the 4220 level on the SPX. Should that happen we could see a more direct move to the 4250-70 area.

However, if they break down below 4118 SPX we could see the start to a melt down.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ rocketed higher to the 14030 level. It’s high enough that the potential for a move directly higher toward the 14300 could happen. We would confirm that with a break over 14175. If they can do that we could see a blow off top.

However, if they fail to break out and break below 14677 we may have topped in the B wave.