SP500 technical analysis and NASDAQ analysis for today March 24th 2023 using Elliott Wave Theory- The market gave us an ABC look as it moved lower to support. Can the bulls step in?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 rallied to start the day in what looks like a B wave of a bigger ABC. We can see a few outcomes from here including a wave 5 higher, a start to wave 3 higher or a breakdown. Ultimately over this weeks high is bullish.

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 pushed up to the 1.618 fib to complete wave 3 and has now pulled back in wave 4. It needs to hold above 12490 and if it can we should see a strong move back to the 13250-13600 area.

However, If they break last weeks low it’s very bearish.