SP500 technical analysis and NASDAQ analysis for today March 7th 2023 using Elliott Wave Theory- The market hits resistance and starts to pullback. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pushed up into the 4060-4100 resistance area and started to pullback. Now we are at key support. If the bulls can hold the 4041 area and push higher toward 4100 then we would have 5 up and expect a 3 wave move down to 4020 area and then higher to 4330.

However, if the bulls can’t make another high and we get an impulsive move we could see 3800 pretty quick.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed up to the 12500-12600 resistance area and pulled back. If we can hold 12300 and get one more high toward the 12550-12600 area then we would look for a more direct move to 13400 after a pullback.

However, if they can’t get another high and we get an impulsive wave down we should expect to see 11400