NASDAQ and SP500 technical analysis for today March 1st using Elliott Wave Theory- After falling off in the Sunday overnights the market climbed all the way back before closing just below the highs. Now we have a couple of paths to track.

For the SP500 we are watching to see how they react from the highs. They can push a little higher in an expanded B wave up to 4400 or move directly lower in C. However, if it breaks 4400 then it looks like a diagonal to end 5 of 1 on the SP500

For the NASDAQ we would like to see them hold the high if this is going to be the expanded B wave. If they break Monday’s high we would consider that a completion of the wave 5 of 1 in a diagonal before seeing a sharp drop off toward the support box.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that if we can’t hold the support levels listed above it’s likely we head lower for one more low to complete wave 4.