January 17, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/17/2023 by Michael Filighera

Tuesday’s trade was a continuation of the Minor 2nd waves and within those moves – wave C of 2 and within wave C – sub minute wave 5. This suggests that both the NQ and the ES are within striking distance of completing their respective Minor 2nd waves. I review today’s action and next resistance levels for both markets. In both the NQ and ES I am leaving the potential for another spike higher before the moves are complete.

Tomorrow premarket the release of the PPI – Final Demand and Retail Sales comes at 8:30 AM EST with Industrial Production at 9:15 AM EST and Business Inventories and Housing Market Index at 10 AM EST. The first three carry the potential of being “market movers” – which leaves open the possibility that one or more will provide the catalyst to complete the Minor wave 2’s and set the stage for the beginning of Minor wave 3’s.

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