January 20, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/19/2023 by Michael Filighera

Thursday’s trade saw the NQ and ES continue to move lower and appear to have completed their respective minute 1st waves. This suggests that the rally off of today’s lows is likely wave A of their respective minute 2nd waves. I updated the labeling and also included Fibonacci retracements for the 2nd waves.

Friday is an expiration and a monthly expiration. It’s a coin toss at this point as to whether we’ll see an increase in volatility or a slower more range bound session. NFLX reported earnings after the close and from the reaction from the markets it wasn’t was expected and caught many folks off guard and likely short. The larger tech titans start to report next week, but the likes of AAPL, MSFT, TSLA, META, AMD, HON, GOOGL, AMAT, and several others saw stronger buying on Thursday which may have been an early look towards which strike price traders are pushing towards.

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