Technically the markets continue to deteriorate both the ES and NQ are not showing strong signs of a larger rally waiting to happen. Nonetheless, both markets reached support levels that may have complete the small 2nd waves being traced. I update the labeling and the Fibonacci levels for both any additional selling and for the expected move back up. Tomorrow pre-market @ 8:30 AM EST – Initial Jobless Claims, Philly Fed Manufacturing Survey, Housing Starts and Building Permits.
January 17, 2024