NASDAQ and SP500 technical analysis for today March 2nd using Elliott Wave Theory- The market pushed slightly higher in the overnights before selling off as expected on Tuesday. Now we need support to hold.

For the SP500 we are watching to see how the move down plays out. Will it be the ABC structure or a direct move down on the SP500. In either case we would expect 4172-4250 to hold support.

For the NASDAQ we have a similar ABC setup to the downside. However there is a path for a direct move lower. In either case we would expect 13337-13679 to hold.

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.