SP500 technical analysis and NASDAQ analysis for today June 21st using Elliott Wave Theory- The market sell on Friday and into Tuesday. Are the bulls in trouble?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back into support at the close on Friday and broke support on Tuesday. This is upper support and the bears still have a lot of work to do. Right now we have a potential 5 waves down from the top and an ABC up starting. As long as the bears can hold under 4420 they can push down and break some key support starting with 4337 SPX.

However, if the bulls can push back over the current high we could see a direct move to 4500+

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ started a pullback on Friday and sold through upper support on Tuesday. Now as long as the bears can hold under 15347 we can look for a break of 14976 to the downside.

However, if the bulls can hold 14976 and take out Friday’s high we can see a direct move to the 16000+ area.