SP500 technical analysis and NASDAQ analysis for today February 24th 2023 using Elliott Wave Theory- The market spiked a low and reversed on divergence. Is it time for the bulls to show up?
SP500 Technical Analysis
SP500 technical analysis is telling us that the SP500 sold off just below our 3980 support area and then started a rally on positive divergence. Now we need to see follow through over Wednesday’s high in order to feel like the bulls are ready to push toward the 4100-4120 area in wave 4.
However if they push up through the 4150 area it becomes more likely we are in the A wave of the move up to 4250-4300
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ also sold off to create one more low on positive divergence before rallying into the close. Now we look for follow through to the 12600 area in wave 4 before seeing 5 down.
However if they push over 12600 then we could see the ABC up to 13300+
