May 22, 2023

Elliott Wave Update / S&P 500 & NASDAQ 100 5/22/2023 by Michael Filighera

Monday’s trade was for the most part on the quiet side under light volumes.  Basically the ES and NQ traded in “box” once the opening rounds were completed.  Neither market broke to a new high or new low and remained within parameters to keep the finishing upside moves alive.  There are no updates to the labeling, counts or Fibonacci levels.

During the session on Monday, a few FED governors were out talking with all basically discussing the reality of the FED raising rates a least 2 more times this year.  While all who spoke today understood the case for a pause to the hikes, none were going on record to say it will happen anytime soon.

Tomorrow at 9:45 AM EDT the S&P U.S. Services and U.S. Manufacturing data will be released.  Fed governor Logan will be out speaking at 9:15 AM EDT.