NASDAQ and SP500 technical analysis for today March 3rd using Elliott Wave Theory- The market rallied on Wednesday and has us watching to see if the market can take advantage of the launch setup they have in place.

For the SP500 they have what appears to be a 1,2,i,ii setup in place. If they decide to fire the market could be seeing 4600 in the next week or two. If not they would look back down to the support box for a deeper wave 2 pullback on the SP500

For the NASDAQ we have a similar setup to the upside. If they can push above 14410 then we are likely off to the races on the NASDAQ as well. However, if they fail we will likely fall down to the support box below.

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.