NASDAQ and SP500 technical analysis for today March 4th using Elliott Wave Theory- The market traded mostly sideways on Thursday failing to breakout as we hoped. We now look for a controlled pullback on both indices.

For the SP500 we are looking for them to continue to sell off down to our support box. If they can hold the 4259-4176 support area on the SP500 then we expect to start wave 3 of 1 up from there.

For the NASDAQ we have a similar setup to the downside. If they can pullback and hold the 13347-13707 area for support and start a rally from there we would look for wave 3 of 1 up to begin.

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.