SP500 technical analysis and NASDAQ analysis for today June 7th using Elliott Wave Theory- The market tried to push higher but with now structure it was unable to sustain anything and gave back most of it’s gains.

SP500 Technical Analysis

SP500 technical analysis is telling us that there are 3 paths that are the most likely. First we could see an ABC where the market holds support around 4060 and moves higher in wave 5 toward the 4220-40 area. Second is a more direct move in an ending diagonal where each of the 5 waves would be 3 wave structures on the SP500 targeting the 4300 area.

However, if the market cannot stay above 4033 then we likely look lower to the 3750 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ can either complete an expanded flat around 12440 and move higher in 5 or could be in a bigger ABC that targets 12372 before moving higher in wave 5.

However if they can’t hold the 12230 level then we likely are looking at new lows.