SP500 technical analysis and NASDAQ analysis for today July 1st using Elliott Wave Theory- The market has pulled back into our support region and is now testing support. The bulls need to step in to keep this push toward 4000 alive.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is approaching the 3713 level and the bulls need to hold that level to keep the ABC higher alive. If they can then we would look for a strong move toward the 4000 region.

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 is testing support at the 11355 level. If they can hold that they can look higher toward the 12800 level in a C wave higher.

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.