June 22, 2024

Eye of the Storm Podcast Weekly Update – S&P 500 6/22/2024 by Michael Filighera

On this week’s podcast I review last week’s trading and update the EW labeling and Fibonacci support/resistance levels. Friday’s expiration did provide some market gyrations, but Friday itself basically only had one strong move which was to the downside from the opening. Once complete the market moved up and stuck to a tight range. I continue to look for a clean 5 waves down on the hourly charts to give confirmation that last week’s highs did in fact complete the Minor 3rd waves. So thus far I am unable to say with evidence that the S&P 500 has entered into its Minor 4 wave correction.