SP500 technical analysis and NASDAQ analysis for today February 16th 2023 using Elliott Wave Theory- The market pulled back and then pushed through the the key resistance overhead.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back to give us a bigger wave 2 then pushed higher and took out key resistance at 4155. We expect the bulls to push up to at least the 4175 area before we see a pullback. I would like to see an extension toward the 4195-4200 area but overall looking for 4230-60

However it is possible to see a bigger ABC down to the 4070 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed through the pivot and we are now expecting a continuation play toward the 13200-300 area. We would expect a push to 13000 then a pullback then the final push to the target However it is possible to see a bigger drop to the 12300 area.