SP500 technical analysis and NASDAQ analysis for today March 14th 2023 using Elliott Wave Theory- The market went crazy in the futures then opened lower before rallying and closing about flat. Now the question is who is in control?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold down toward our 3800 area target and bounced in what looks like a corrective wave 4. This means we are looking for a wave 5 lower to the 3750-80 region.

However, another high and then a spike down would qualify as 5 up in a diagonal form but the bulls would need to hold support to start the rally to 4300

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ opened lower then rallied in a much better looking structure that could be 5 waves up. I still can see another low possible toward the 11600 area to complete the move down.

However, if they hold the low and break back over the wave 1 high we could see a rally to 14000 over the next couple weeks.