NASDAQ and SP500 technical analysis for today February 25th using Elliott Wave Theory- The NASDAQ and SP500 jumped the off the lows taking back all of the losses and closing in the green. Now the pullback is going to tell us if the bottom is in.

For the SP500 I would like to see the 4250-4228 ES area hold any pullback and push higher towards 4308. If they can do this the structure becomes bullish on the SP500 and we can start to look at the bottom as being in.

For the NASDAQ we have a potential for 5 waves up and would also like to see a pullback. The NASDAQ has been leading in both down and up moves so it could be a precursor the to SP500. We would look for the NQ to hold the 13251 level and then take out the wave 1 high to confirm our bullish outlook.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that if we can’t hold the support levels listed above it’s likely we head lower for one more low to complete wave 4.