SP500 technical analysis and NASDAQ analysis for today March 15th 2023 using Elliott Wave Theory- The market shot higher on CPI catalyst and now the bulls have an opportunity to start the move higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 shot higher over the 50% retrace of wave 3 which means a wave 5 down is less likely. We would now look for the bulls to complete 5 waves up toward the 3950 range and then hold a sharp selloff. If they do we could see a move to 4300

However, if they push to the 4000 SPX area we could see a sharp move down in wave 3 of 3 of C down that would lead to 2500-2900.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ shot up as well and is looking much different than SPX. It’s a little tougher due to how it held up and the contract roll but it does look like we have a potential wave 1 up and would be looking for a wave 3 towards 13000

However, they do have the potential for an ABC higher before a larger selloff to the downside.