SP500 technical analysis and NASDAQ analysis for today March 29th 2023 using Elliott Wave Theory- The market pulls back as expected but the bulls hold. Can they follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back into our support area and then rallied off of support. We would look for a break over 4010 to give an indication the pullback is done and then look for a rally toward 4077-4100 ES.

However, If they can’t hold the low from yesterday the bulls need to hold 3959

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ made a new low above support and started to rally. We would look for a break of the 12797 area to give us an indication the pullback is over and we are on our way to the 13400-13600 area.

However, If they break 12490 it’s a strong warning to the bulls.