SP500 technical analysis and NASDAQ analysis for today February 27th 2023 using Elliott Wave Theory- The market pushes lower before the bulls respond. Is it for real this time?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is very complex right now. The corrective action off of the top as well as the divergence on several time frames and bottoming signals on the daily chart are reasons to believe we may not be headed directly lower just yet. Our primary count is not one we are very confident in and we are going to be patient for now.

However if they push up through the 4030 area it’s a good start to a potential bounce and or rally.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also has a great deal of complexity in the chart and we need to be patient and wait for a proper setup to trade. While this may be boring for some it’s the only way to trade if you want to consistently make money.

We are now waiting for a potential bounce/rally to give us a better indication of where we are.