January 23, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/23/2024 by Michael Filighera

Again, it was not an easy trading day in either the NQ or the ES. Markets were not in sync in terms of buyers or sellers coming in at the same time and building a move directionally. In any case, both did catch strong bids in the last hour of trade and then after the release of NFLX’s earnings. I have updated the labeling and the Fibonacci levels in both markets. As I left open on yesterday’s update – it was not totally clear as to the minute 3rd waves being complete — and that ended up being the case on Tuesday. Therefore I’m still expecting additional rally to complete the minute 3rd waves and for a minute 4th wave to begin. I also review the balance of resistance before the larger patterns are complete.

Wednesday @ 9:45 AM EST – S&P flash U.S. services and manufacturing PMI’s. After the close -TSLA, IBM, and LRCX report earnings. Pre opening there is also several earnings reports coming out — notable T, ABT, KMB, & SAP.