SP500 technical analysis and NASDAQ analysis for today March 13th 2023 using Elliott Wave Theory- The market sells off on Friday but bounces at the close and into the Sunday futures. How high can the bulls take it?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold off strongly Friday before bouncing at the close and into Sunday. They bounced off of the 1.618 as expected toward the 1.0-.618 ext of 1 and 2 in the 3908-3950 region then we would look for a move back to the 3800 area.

However, a move over 3950 is a warning to the bears that the move down is fading.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ sold off on Friday before bouncing at the close and into the Sunday futures. We would expect them to hold the 12113-12250 area and then move down toward the 11550 area.

However, if they push over 12250 its a warning to the bears that the move down is fading.