SP500 technical analysis and NASDAQ analysis for today May 27th using Elliott Wave Theory- The market raced higher and broke through the pivot. This now gives us clear parameters on what to expect next.

SP500 Technical Analysis

SP500 technical analysis is telling us that with the move higher we can expect a test of the pivot once it tops. That test will be the key for the bulls. If they can hold 3981 as it stands now and make a new high that is a strong sign for the bulls.

However, if the market cannot stay above 3981 then we likely look lower to new lows in the 3750 region.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ also needs to hold it’s pivot at 11933. If the bulls can do that and take out the high they have the start of a bullish structure that could give us our next rally higher.

However if they can’t hold 11933 then we look for one more low.