SP500 technical analysis and NASDAQ analysis for today July 6th using Elliott Wave Theory- The market gave us the whipsaw dropping about 80 points at the open before rallying to close in the green. So does this give the bulls or bears the upper hand?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market has started another rally to our resistance level and the bulls need to push through that level and ultimately 3900 to make it more likely we are headed to the 4050 level before we see a pullback toward 3790-3800 on the SP500.

However, if the market cannot push over 3900 and break back below 3768 then it becomes very likely we head toward 3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the market attempting to rally but needs to push through resistance at 12048 to give us confirmation we are on the path to 12550. If they can do that we should see the NQ ultimately hit close to the 13800 level after a pullback.

However if they cannot push over 12048 and break back below the 11350 level then it’s likely we extend the bigger A wave lower toward the 10600 region.