SP500 technical analysis and NASDAQ analysis for today June 24th using Elliott Wave Theory- The markets pulled back and rallied as expected. Now we need to see a breakout up and through the pivot to determine the next steps for the market.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market needs to break over 3800 and ultimately through the pivot. If we can do that and push to at least the 1.0 extension of 1 and 2 then we can determine if we are in 3 or C on the next pullback.

However, if the market cannot break above 3800 we may see a bigger pullback to our support zone in the 3720-3675 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ needs to break over 11765 and ultimately through the pivot. If we can do that and push to at least the 1.0 extension of 1 and 2 then we can determine if we are in 3 or C on the next pullback.

However if they can’t break over the 11765 level then we likely look at a bigger pullback to our support zone at 11409-11229