SP500 technical analysis and NASDAQ analysis for today June 29th using Elliott Wave Theory- The markets were unable to hold the pivots giving us a breakdown setup putting the bears back in control. Where we go from here will be decided over the next few days.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to hold the pivot. This pullback will decide if we are going to head directly higher in a larger ABC structure or possibly bounce to around the 4000 level for a wave 4. If it is going to bounce it needs to hold over 3713.

However, if the market cannot hold 3713 it’s more likely we move directly lower and have started wave 5 down or made a lower low for the bulls to build off of.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has broken the pivot and the pullback will tell us a bigger story. If it can hold the support area down to 11355 and bounce we could be looking at a bigger ABC up to the 14000 region before starting back down toward 9000

However if they can’t hold over the 11355 level then it’s more likely we extend lower in the A wave or get a low for the bulls to build on.