SP500 technical analysis and NASDAQ analysis for today June 22nd using Elliott Wave Theory- The market moves to the edge of the support cliff. Is the top in?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 fell again and is now on the edge of the support area with a potential 1,2,i,ii setup. If the bears follow through we would look for them to hit at least the 4318 area and more likely 4298 SPX.

However, if they can’t break the low from Wednesday then we would look for a bounce to the 4415 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ tested 15000 and bounced but found itself there again at the close. If they push through the 14976 area we would expect a push down to the 14816 area in a more direct move.

However, if they can’t break yesterday’s low we would look for a bounce up toward the 15300 area