SP500 technical analysis and NASDAQ analysis for today March 31st 2023 using Elliott Wave Theory- The bulls continue higher as we reach the topping target. Can the bears step in?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is nearing it’s topping area in the 4100 region. We are also doing it on negative divergence which is usually a strong topping signal. We would like to see a pullback from there in the 3930-60 region.

However, If they can’t get the last high we should be looking for the move down from yesterday’s high.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed over it’s wave 3 high and is looking to top out in the 13150 region. We should be looking for the 12125-12481 levels to hold support and start wave 3 up from there.

However, If they can’t break over the Thursday high we look for the pullback from here.