SP500 technical analysis and NASDAQ technical analysis for today March 22nd using Elliott Wave Theory- The market traded sideways as consolidation was the key for Monday after the big rally last week.

SP500 technical analysis is telling us that the bulls have enough for a 3 of 3 in place but could easily push higher toward the 1.236 ext at 4516.75 on the ES. Whenever this move up tops and starts to pullback that will be the key. Monday’s high and low are the key levels to watch as a break above the high before lower signifies we are still extending in iii of 3 but a break of the low at 4415 means we are likely in wave iv of 3 and testing the pivot on the SP500

NASDAQ technical analysis is now again lining up pretty will with the SP500. They have enough in place for 3 of 3 but could push higher toward the 1.236 ext at 14601. Like the SP500 Monday’s high and low are the key levels. When they do top and pullback in this wave the pivot will be the key. If the bulls can hold 14034 and move up over the 3 of 3 high that is a strong sign for the tech bulls.

SP500 technical analysis and NASDAQ technical analysis using Elliott Wave Theory is also telling us that if the pivots can’t hold that is an indication of a failed move higher and we could see lower lows pretty quickly.