May 23, 2024

NASDAQ 100 & S&P 500 / Daily Technical Update 5/23/2024 by Michael Filighera

Both the NQ and the ES reached new ATH’s on the opening today with those highs being the completion points for the current 3rd waves within the ongoing sequences up. The sell off the ensued I am tracking as the expected 4th waves with the ongoing 5 waves up sequences. I updated the labeling and also updated the Fibonacci levels. I also lay out the areas where I would be looking for the current corrective 4th waves to finish up. Into next week I would still be expecting additional highs followed by additional declines and yes, additional larger 5th waves up to complete the longer-term patterns. Friday pre market @8:30 AM EDT Durable Goods Orders and @10 AM EDT Consumer Sentiment (May final).