SP500 technical analysis and NASDAQ analysis for today February 22nd 2023 using Elliott Wave Theory- The market sold off into our key support area. Now the bulls need to hold or risk being run over.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold off into our target support area now we are looking for the bulls to hold support. If they can hold over 3980 we should see a bounce to the 4180-4200 area for the A wave of 5.

However if they can’t hold support we are likely in wave 3 and will look for a smaller bounce toward 4130-4150

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also sold off into it’s support region. The bulls now need to hold support and take the market higher in an A wave toward the 12750 area.

However if support breaks we likely get a smaller bounce to the 12600 area in wave 4