SP500 technical analysis and NASDAQ analysis for today February 7th 2023 using Elliott Wave Theory- The market continued to pullback and is now in the ideal support area for the next move up. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 continued to pullback into the ideal support area now we need to see if the bulls can hold support and give us the push to 4300 we have been targeting. As long as we hold over 4054 we would expect the market to be bullish.

However, they break below 4054 we could see a diagonal play out for this C wave.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pulled back into it’s ideal support area and now the bulls need to hold above 12322. Now the bulls need to hold for our expected to push to 13300.

However if they break the 12322 we could see a diagonal play out on the NQ