SP500 technical analysis and NASDAQ analysis for today June 22nd using Elliott Wave Theory- The market rallied off of 3640 and now has another pivot test to pass. If the bulls can hold the pivot and make a new high we have a start to a potential bottom.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls need to hold support in the pivot at 3715 or higher and make a new high around 3800. If they can do that it would be 5 up and a potential start to a bullish rally.

However, if the market cannot stay above 3715 then we likely look at a potential ABC higher toward 3925-4000 then a bigger move down.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to hold it’s pivot at 11400 and make a new high for 5 up. If they can do that they have a potential start to a bullish rally to new ATH’s.

However if they can’t hold the 11400 level then we likely are looking at a B wave higher then a C wave down to 9000