March 9, 2022

NASDAQ 100 / Elliott Wave Update 3/09/2022 by Michael Filighera

Wednesday’s trade was extremely volatile in the NQ.  The market started up over 300 points as the US session got underway.  After a brief pullback the buyers moved in and didn’t stop.  Now, the volatility was in the speed at which the futures market moved around and the lack of solid follow through on either the buy side or the sell side.  If you trade a smaller account it was a difficult day.  Larger accounts did fine.  For Thursday, I expect additional upside to continue to push to next resistance which is at 13872 to 139000, 13954 to 14011 and then 14085 to 14134.  All of these zones are in play right now and the NQ remains within a corrective wave 2.  As previously stated, second waves are known to retrace nearly all of wave one.  That seems to be the case in the NQ now.  The money flow into the market was very strong today as firms reaffirmed their buy recommendations.  AMZN announced after hours a 20:1 stock split which has already moved the stock up 100 points before Globex starts.  Should the market start to decline it would need to do so with strong purpose and drive.  The moving averages would need to be broken quickly and decisively and as of the close the 8 MA is at 13680, the 20 MA is at 13570, the 50 MA is at 13514.  All of these levels would need to be broken to give support to the wave 2 correction being complete and the wave 3 decline being underway.  All previously given support remains the same for now.