June 11, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Daily Update 6/11/2024 by Michael Filighera

While it looked like a delayed reaction to AAPL’s presentation yesterday, the stock exploded higher on Tuesday gaining over $14 and closing at new ATH’s. This of course prompted a stronger rally in the NQ which also took the index to new ATH’s — I’ve updated the progress to date within the current EW count. The hourly picture has cleared up after today’s trade and I’ve updated the labeling and the Fibonacci resistance levels. Expectations are for the Minor 3rd waves to complete likely this week and for the markets to begin what will be Minor 4 wave corrections. Wednesday pre-market @8:30 AM EDT – CPI data is reported, @2PM EDT – the FED decision on interest rates – @2:30 PM EDT – Powell’s press conference.