March 23, 2023

NASDAQ 100 & S&P 500 / Elliiott Wave Update 3/23/2023 by Michael Filighera

Thursday’s trade was again extremely volatile in direction and speed for most of the markets.  The NQ and the ES after rejecting yesterday’s highs at 13082 in the NQ and 4073 in the ES managed to surge higher on the opening to challenge yesterday’s high with the NQ reaching 13006 and the ES 4039 before again rejecting the highs and sliding to session lows with the ES creating additional lows below yesterdays at 3945.  All this before again lurching higher after the close.  I’ve updated the labeling and adjusted the Fibonacci retracements and extensions.

The overall counts have not changed but the volatility is exasperating the moves in all directions.  Tomorrow, expectations would be for the 3rd waves in both markets to pick up again with some stronger downside action.  At this point though I’m taking it one day at a time and making the necessary adjustments to the counts and support and resistance.  Pre-market the latest Durable Goods data will be released at 8:30 AM EDT with additional S&P Global flash U.S. services PMI and the S&P Global flash U.S. manufacturing PMI data being released at 9:45 AM EDT.