SP500 technical analysis and NASDAQ analysis for today February 8th 2023 using Elliott Wave Theory- The market held support and shot higher giving us a potential start to our targets higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 found support and rocketed higher giving us a potential wave 1 of 5 of 3 up which would now need to hold support and then take out the 4208 high. If we can do that we are likely on our way to 4300.

However, they break below 4054 we could see a diagonal play out for this C wave.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ held support and pushed higher in what may be a wave 3 breakout setup. If they can hold support and push back over the Tuesday high that is a strong sign of a breakout toward the 13300 area. However if they break the 12322 we could see a diagonal play out on the NQ