January 13, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/12/2023 by Michael Filighera

Thursday’s trade was wild — and very wild!!  Yes, the CPI data did produce a wild ride in both direction and more than once in both directions.  As a day trader it was a glorious day. I have added some labeling to the charts updating where within the minute “c” waves the NQ and ES are and what can we expect tomorrow.  I added Fibonacci extensions to the existing Fib retracements to “fine” tune resistance that may complete the Minor 2nd waves still in process.  I again move out to the Daily charts to give some perspective to the moves themselves and what lies ahead.

Tomorrow is expiration and the volatility should remain fairly elevated – don’t be fooled by the declining VIX and associated indexes – the moves in the equity indexes, the treasuries, and precious metals produced some excellent scalping and short swing trades.  I would expect the titans to lead the rampage and that would include both up and down.  Again, it feels like we are experiencing a stronger institutional aspect to moving around large amounts of money within the treasury markets and equity markets, plus precious metals caught a strong upwind today as well.

Monday the markets are closed for Martin Luther King Day.