SP500 technical analysis and NASDAQ technical analysis for today March 16th using Elliott Wave Theory- The bulls were back in town giving us very clean 5 wave structures up to build upon. They still have some work to do but it’s a good start for the bulls.

SP500 technical analysis is telling us that the bulls have either already completed 1 and 2 of 3 up or have just completed wave one. The pullback will tell the story. The SP500 needs to hold the 4227 ES area to keep the more bullish potential alive. A break below that and we would look for wave 2 support to hold in the 4196-4160 region.

NASDAQ technical analysis is a little different as they have already broken the low. They have built a 5 wave structure that would be wave 1 of 1 of 5 up. If that is the case they should see a pullback hold the 13213-13069 area for wave 2.

SP500 technical analysis and NASDAQ technical analysis using Elliott Wave Theory is also telling us that we are seeing bottoming signals on the weekly chart that are usually very accurate but sometimes a little early. We are confident we will see a strong reversal soon. Additionally the bears have the potential to build an ABC structure up and then race it down in wave 5 on the SP500