SP500 technical analysis and NASDAQ analysis for today February 28th 2023 using Elliott Wave Theory- The market bounces and then retraces as we see the first indications of a move up.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 bounced today after we saw all of the divergences as expected. Now the question is are we bouncing or rallying. If we are bouncing we should top around 4100 then drop again.

However if they push over the 4125 area it’s much more likely we are in the ABC to 4250-4300.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also bounced and we are now in a waiting game to see if we get a bounce or a rally. A bounce should top around 12600 then move down again.

However, if we see a bounce over 12600 then it’s more likely we are in the bigger ABC to 13300+