SP500 technical analysis and NASDAQ analysis for today March 23rd using Elliott Wave Theory- The market traded higher extending wave iii of 3 to the 1.236 fib. As always wave iii of 3’s can extend quite far so we shouldn’t be trying to short this market.

SP500 technical analysis is telling us that the bulls have enough for a iii of 3 in place but could easily push higher toward the 1.382 ext at 4562 on the ES. Whenever this move up tops and starts to pullback that will be the key. Since we have pushed up to the 1.236 ext we would expect the pullback to hold the top of the pivot on the SP500

NASDAQ analysis is now again lining up pretty will with the SP500. They have pushed higher over the 1.236 ext at 14601. There is room for interpretation of the spike down of the pivot but for now I counting this as still iii of 3. When they do top and pullback in this wave the pivot will be the key. If the bulls can hold 14034 and move up over the 3 of 3 high that is a strong sign for the tech bulls.

SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is also telling us that if the pivots can’t hold that is an indication of a failed move higher and we could see lower lows pretty quickly.