May 30, 2024

NASDAQ 100 & S&P 500 / Daily Update 5/30/2024 by Michael Filighera

Both the NQ and ES continued lower for most of Thursday’s sessions – which aligns with some minor cycles heading into their respective “troughs” – between now and the beginning of June. I discuss the potential for the minuet 4th waves in both the NQ and ES may have completed at this afternoon’s lows, but I am leaving open the possibility that the markets will move down to the next Fib support levels before completing minuet 4th waves and moving higher in the context of minuet 5th waves. I discuss the larger counts and where we are in the those pictures and also add projections for the minuet 5th wave rallies still to come. Friday pre-market @8AM EDT – Personal Income and Spending and PCE Data. At 9:45 AM EDT Chicago Business Barometer.