June 15, 2024

Eye of the Storm Podcast – Weekly Update – S&P 500 6/15/2024 by Michael Filighera

Weekly Update for the S&P 500. The S&P 500 continued to move higher as the market digested the week’s activities which included earnings for AVGO, APPL’s WWD conference, the continued push into AI with NVDA moving to new highs and AAPL laying the integration plans for AI into AAPL products. Also in the mix was the mixed message from the FED via Chairman Powell on Wednesday. I update the EW picture for both the cash and futures markets – all signs point to a continued push higher before Minor 3rd waves are complete. Ultimately a pull back in the form of Minor 4th waves should begin soon. on the bigger picture I continue to look for a Minor 4th wave decline followed a Minor 5th wave to new ATH’s to complete Intermediate wave 3 – to be followed by an Intermediate 4th pull back and an additional rally in an Intermediate 5th wave up to complete the Primary 5 wave and a lager Cycle wave 3. The balance of 2024 should be interesting and hopefully contain many moves in both direction that could provide many trading opportunities.