SP500 technical analysis and NASDAQ analysis for today March 28th 2023 using Elliott Wave Theory- The market pushed higher and then chopped most of the day. Are the bulls out of steam?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 rallied to start the day then chopped most of the day. They have given us a potential triangle as well as a potential B wave that needs to play out. For the triangle we would look for a breakout up to the 4045-50 area.

However, If could see a break down to the the 3985-3960 area in a wave B before resuming the uptrend.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed up then consolidated in what looks like a potential wave 4 triangle. If that is the case we would expect a strong breakout up to the 13600 area. A break of 12490 is a warning to the bulls.

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