SP500 technical analysis and NASDAQ analysis for today March 23rd 2023 using Elliott Wave Theory- The market pushed to the brink before selling strongly at the close. Can the bears take over?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pushed up to the tipping point just above the 4066 level before selling strongly as expected. From here we would look for the bulls to step in and stop the free fall around the 3950-3885 area. If they can we should look for a strong move higher toward the 4300+ area.

However, If we break last weeks low it could lead to a strong selloff.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has pushed up to the 1618 fib to complete wave 3 and has now pulled back in wave 4. It needs to hold above 12490 and if it can we should see a strong move back to the 13250-13600 area.

However, If they break last weeks low it’s very bearish.