SP500 technical analysis and NASDAQ analysis for today March 6th 2023 using Elliott Wave Theory- The market exploded higher as the bulls reach resistance. Can they continue to push?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 rallied on Friday just short of the resistance area at 4060-4100. From here we would expect a pullback. The nature of that pullback will be telling. If we get an impulsive move down to 3800 it would likely be a C wave of B and we would look for a rally next. If it’s an ABC lower into 3800 then we would likely see a wave 2 bounce and then start 3 of C down.

However, if the bulls can hold support and take out the high they create on this move up then we could see a direct move to 4300

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ rallied higher near it’s resistance zone on Friday at 12500-600. From there we would expect a pullback into the 11400-200 area where an impulsive one would lead to 14000 and an ABC would lead to 5000-6000. However, if they can hold support and take out the high they create we could see a direct move to the 13300 area.