SP500 technical analysis and NASDAQ analysis for today February 9th 2023 using Elliott Wave Theory- The market fell deep into support and now the bulls look to hang on.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back as expected but could be getting a little deep into support. We are looking to either hold the current low from Tuesday or in the 4070 area and start to push higher from there.

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 very deep into support and now threatens to make a new low. We would likely look for a new low that holds the 12332 area and start higher toward 13300.

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