August 27, 2023

Eye of the Storm Podcast – Big Picture Technical Update – S&P 500 & NASDAQ 100 – Cash and futures 8/27/2023

In today’s podcast I review the S&P 500 and NASDAQ 100 both cash and futures markets. I am continuing to track the preferred count via the futures markets and the alternate count via the cash markets. The alternate count continues to loose probability of being in control but I am holding until a break below what is being marked as the completion points for the Minor 4th waves. A solid break below these levels would IMHO negate the alternate views and leave us with the preferred views for now. The preferred views – I have updated the labeling to include Friday’s activity. Thus far it appears that Minor 1st waves are complete in both the ES and NQ with Minor 2nd waves also complete — this then suggests that the decline off of Thursday’s closing highs began Minor 3rd waves down — within Minor 3 – it appears the minute 1st waves are complete and marked – with minute 2nd waves in progress now. I update Fibonacci retracements for minute 2nd waves and also include Fibonacci extensions to give us a first look at the Primary C wave downside levels. There is no economic data due out tomorrow, with the bulk of what the markets may focus on due out on Thursday and Friday pre market.