SP500 technical analysis and NASDAQ analysis for today February 1st 2023 using Elliott Wave Theory- The market held support almost to the penny then raced higher. Are they ready to breakout in the face of the FED?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is currently setup to breakout over Friday’s high toward 4200. From there we would look for a pullback toward 4100 then another move higher.

However, they can’t break over Friday’s high then we look for an ABC toward 3980-4000

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ held support and is now trying to breakout over Friday’s high. If they can they target the 12500-12700 area in a move up in 3 of 3. From there we would look for a pullback back toward the 12100 area.

However if they fail to launch we could see a abc to the 11800-11850 area.