SP500 technical analysis and NASDAQ analysis for today June 3rd using Elliott Wave Theory- The market tested the pivot and exploded higher. If the bulls can hold support and make one more high we are very close to calling the bottom in.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls need to hold 4134 or higher and take out the 4202 high to give us 5 up and put the bulls firmly in charge. From there if they can hold wave 2 support and take out the wave 1 high the bottom is in.

However, if the market cannot stay above 4134 then we likely look lower back to the micro pivot or even down to the 3750 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ needs to hold 12721 or higher and then make a new high. They technically already have 5 up but I would like to see one more push. If they can do that and then hold wave 2 support and rally back over the wave 1 high the bottom is likely in.

However if they can’t hold the 12721 level then we likely test the minor pivot or even lower.