SP500 technical analysis and NASDAQ analysis for today March 30th 2023 using Elliott Wave Theory- The bulls squeeze and the bears run for cover. Can the bulls follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 shot higher as the bulls pushed through many key resistances. Now we look for follow through toward the 4077 ES level then the 4100 ES level. If we can get that we would expect a bigger pullback and then a move higher.

However, If they can’t follow through we may see a bigger abc.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed higher as well and now looks to get to the 13250 area. From there we would expect a pullback in wave 2 toward the 12400 area before the next move up. However, If they break down we would look for a bigger abc in the NASDAQ down to the 12400 level.