NASDAQ and SP500 technical analysis for today February 28th using Elliott Wave Theory- The market continued it’s rally on Friday before falling off a cliff in the Sunday after hours trading. We expected a pullback and it is still well above support on the SP500 and NASDAQ.

For the SP500 I would like to see the 4242-4167 ES area hold any pullback and push higher starting wave 3 of 1. If they can do this the structure becomes bullish on the SP500 and we can start to look at the bottom as being in.

For the NASDAQ we would like to see them hold the 13615-13477 area for wave 2 and take out wave 1’s high to start to have a potential bottom in place.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that if we can’t hold the support levels listed above it’s likely we head lower for one more low to complete wave 4.