NASDAQ and SP500 technical analysis for today March 8th using Elliott Wave Theory- The market sold off on Monday leaving us at the bottom of our SP500 support box and below our NASDAQ support box

For the SP500 they sold off into our support box but are now challenging the bottom of support. If that breaks we will likely test the lows at 4101 on the SP500. Since NQ already broke it’s support I thing this is a likely scenario.

For the NASDAQ we saw price move below support. When this happens it’s a strong indication we will test the lows and possibly make a new low. If this happens I do expect us to reverse not too far under the current lows.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that if the bulls can hold above the lows and build a 5 wave structure to the upside then we will start to look higher in wave 3.