SP500 technical analysis and NASDAQ technical analysis for today March 15th using Elliott Wave Theory- The market once again attempted to bounce but was shut down again as they could only muster the 4245 area before selling off the rest of the day.

SP500 technical analysis is telling us that the bears have the ball and if they can push down below 4142 and then 4139 they invalidate the bull count and can push this down to the 4025-4000 ES range on the SP500 to end wave 4. The bulls need to hold the low at 4139 and push through the micro and minor pivots in order to regain control of the market on the SP500.

NASDAQ technical analysis is a little different as they have already broken the low to invalidate the bullish count. They can now push it directly down to the 12585 level directly to end wave 4. For the NASDAQ bulls it will take making a low and building a 5 wave structure off of it.

SP500 technical analysis and NASDAQ technical analysis using Elliott Wave Theory is also telling us that we are seeing bottoming signals on the weekly chart that are usually very accurate but sometimes a little early. We are confident we will see a strong reversal soon.