SP500 technical analysis and NASDAQ analysis for today March 8th 2023 using Elliott Wave Theory- The market sells off in an impulsive fashion. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 was unable to give us a 5th wave higher and sold off in an impulsive move. This is an indication of a move to 3800. We would look for a bounce in wave 2 then a strong selloff.

However, if the bulls can hold support and take out 4085 then we are likely on our way to 4300 directly.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ couldn’t make a new high and sold off in an impulsive fashion. This likely leads us to the 11400 area on the NQ after a bounce to the 12200-300 region.

However, if the bulls can hold support and take out the high at 12500 then we would look for a direct move to the 13300 area.