NASDAQ and SP500 technical analysis for today February 23rd using Elliott Wave Theory- The NASDAQ and SP500 whipped around over the weekend but finally gave us a pattern we can build upon.

For the SP500 we could see a move higher toward 4370 ES before a drop. However, I would prefer they drop it more directly. In both cases I ultimately expect lower on the SP500 to test the 4202-4169ES zone. From there they can bounce it back to 4256 before ultimately ending wave 4 around the 4115-4029 area.

For the NASDAQ we are looking for a move lower as well but like the SP500 it can rally first before it drops but we ultimately expect lower to target the 13391 region.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that we should see lower but if we break out over 4370 there is a good chance that we have a C of B move toward 4625 on the SP500.