SP500 technical analysis and NASDAQ analysis for today March 22nd 2023 using Elliott Wave Theory- The market rallied toward our targets. So can the bears step in?
SP500 Technical Analysis
SP500 technical analysis is telling us that the SP500 gave us a rally toward our wave 5 target. Now we would look for them to hold it under 4060 and then see sharp selling back to the 3917-3885 area. If the bulls can hold there and give us an impulsive rally we should be on our way to 4300+
However, If we break last weeks low it could lead to a strong selloff.
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ has held up well in the face of these selloffs and sits in a bullish posture. We are looking for a rally to the 13050 region before the next pullback. Before ultimately looking to the 13400-600 region
However, If they break last weeks low it’s very bearish.
