SP500 technical analysis and NASDAQ analysis for today March 9th 2023 using Elliott Wave Theory- The market grinds lower and then the bulls close strong. How high can they push?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 gave us a slightly lower low then chopped before bouncing into the close. We would look for the bulls to push into the 4027-56 area and then start to sell off in wave 3 down.

However, if the bulls can hold support and take out 4085 then we are likely on our way to 4300 directly.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ gave us a lower low then chopped before the bulls closed strong. Now we are looking for a bounce to the 12300-400 area before a selloff in wave 3.

However, if the bulls can hold support and take out the high at 12500 then we would look for a direct move to the 13300 area.