October 24, 2021

NASDAQ 100 / Elliott Wave Update 10/24/2021 by Michael Filighera

Friday’s trade was interesting in that the NQ did not follow the ES in running up to a new all time highs. It did push up to 15463 before jumping off the cliff and dropping $189.  However, it is still too early to summarize that additional new highs are out of the picture.  There are enough earnings reports to come out with some heavy hitters included. FB reports on Monday, AMD, GOOGL and MSFT on Tuesday, and AMZN and AAPL on Thursday.  While the wind has been knocked out of FB, AMZN, and GOOGL, I don’t know if the final count has been heard.  The NQ still carries an equal probability of moving to new highs above 15500 or towards 15709 or moving below 15200 to 15000.  Calling it becomes a 50/50 shot.  I will add that I prefer to keep open to either happening by allowing the market to tell me.  Which ever move shows up it should be tradable and as a day trader I prefer the volatility to come to both the upside and downside.  So, while I wait for the hourly and daily picture to clear up as to the near term to daily trend I will trade what is in front of me.  Upside moves need to break resistance up to and including 15342, 15370, 15400, 15440 and then 15500.  Trade smart, use the moving averages to guide entry and exits and help direct trend, use Fibonacci levels and Elliott levels to also help direct trend and possible turning points.