SP500 technical analysis and NASDAQ analysis for today March 2nd 2023 using Elliott Wave Theory- The market spiked a low and chopped as the bulls hold on by a thread. Can they stem the tide?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 spiked below Friday’s low and chopped near it the rest of the day. From here we can see a direct move toward the 3800 level if the bears can break the 200dma and trendline.

However, if they can hold the low we can see a bounce to the 4060-4100 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is down around Friday’s low and is setup for a potential move down to 11200 in a direct manner. If they break down below the 200dma it opens the door for this

However, if they can hold we could see a bounce toward the 12600-12800 area before a move lower.