SP500 technical analysis and NASDAQ analysis for today June 9th using Elliott Wave Theory- The market sold down to the support area for both the B wave and the triangle. Now we need to see if the bulls can hold support and attempt a breakout.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls need to hold support in either the B wave of the diagonal or the triangle break out. Both will look similar on a breakout over the down trend line and target the 4240 area. If they can’t hold support we would look to hold the 4057 area and build wave 5 from there.

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 is looking to start a 5 wave move in wave 5. If it can hold over 12416 and take out the pivot at 12834 then they could be well on their way in wave 3 toward 13000+.

However they could also look for a deeper wave 2. However if they can’t hold the 12230 level then we likely are looking at new lows.