SP500 technical analysis and NASDAQ analysis for today May 31st using Elliott Wave Theory- The market continued to push higher over the weekend and we now have very clear parameters on what the bulls need to do call a bottom.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls need to hold 4038 or higher and then make a new high over 3 of 1 high. If they can do that and then pullback in wave 2 and hold support and rally back over the wave 1 high then the bottom is very likely in.

However, if the market cannot stay above 4038 then we likely look lower to new lows in the 3750 region.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ needs to hold 12230 or higher and then make a new high the wave 3 of 1 high. If they can do that and then hold wave 2 support and rally back over the wave 1 high the bottom is likely in. However can’t hold 12230 then we likely make a new low.