SP500 technical analysis and NASDAQ analysis for today June 23rdd using Elliott Wave Theory- The markets broke the pivot and then rallied toward 3800 as we talked about in yesterday’s video. With the break of the pivot does this mean the bulls are dead?

SP500 Technical Analysis

SP500 technical analysis is telling us that the the SPX chart didn’t break the pivot but the futures chart did. Because of this we are in between counts right now and they will both track similarly. We are looking for a pullback to hold over 3678 and then we can assess if we are in an ABC or a 1,2,3,4,5 count.

However, if the market cannot stay above 3678 then we likely look at lower lows before we can start any kind of bounce higher in a larger degree.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to hold a pullback over 11229 for a potential wave 2/B and then we can assess whether the move up is impulsive or corrective in nature. At that time we can better understand where we are headed in the bigger picture.

However if they can’t hold the 11229 level then we likely look at lower lows before we can start any kind of bounce higher in a larger degree.