May 21, 2024

NASDAQ 100 & S&P 500 / Daily Technical Update 5/21/2024 by Michael Filighera

Both the NASDAQ and S&P 500 continued to make progress to the upside albeit within a “choppier” environment trading wise. New highs within the current sequences continue to suggest an additional smaller price trough is likely before a stronger upside move. From the high should it complete the sequences on a minuet, minute, Minor and possibly Intermediate degree (EW) an Intermediate degree 4th wave decline would be beginning. I update the labeling and a few Fibonacci levels. Wednesday – at the open VIX expiration, @2 PM EDT FOMC minutes, after the 4 PM close NVDIA earnings.