SP500 technical analysis and NASDAQ analysis for today March 29th using Elliott Wave Theory- The bulls continued their impressive run up reaching the 1.32 and 1.618 fibs on the ES and NASDAQ respectively.

SP500 technical analysis is telling us that the market has decided to push higher and needs to find a top and start a pullback to test the pivot. The pivot has now moved up and the bottom of the pivot is now the 4369 level and is the line the sand for a pullback. We would expect the pullback to hold 4409-4448 for a stronger structure on the SP500.

NASDAQ analysis Is telling us that they also extended in wave 3 and need to pullback and test the pivot. We would like to see them reach the 14514 level to signify the pullback has begun. Once they start the pullback they would look to hold the 14230-14410 area or the bottom of the pivot in order to keep the bull move intact.

SP500 technical analysis and NASDAQ 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.