January 25, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/25/2023 by Michael Filighera

Wednesday’s trade was very much in line with yesterday’s analysis, even with the adjustment in labeling.  Both the NQ and ES started to tumble lower during the Globex sessions and picked up some steam once Europe opened.  When the U.S. session began there were plenty of sellers to push most of the tech titans lower, which was led by MSFT.  Both the NQ and ES hit support for their respective 4th waves and the rally picked up again in anticipation of the afternoon’s earnings reports.  The most anticipated was TSLA, which did not disappoint as so many players felt it would.  In Globex, TSLA has popped to life again and as of this writing is trading above 150 with the NQ and ES again moving higher.

For tomorrow, I have no reason to abandon, the current labeling and with that in mind both the NQ and ES are forming minute 5th waves up.  I lay out the Fibonacci extensions for both markets showing the resistance zones and clusters that are in line with completion points for the Minor C wave and in turn the Intermediate wave 2.

Tomorrow pre-market the following economic data will be released at 8:30 AM EST – Durable Goods, GDP, International Trade in Goods and Services, and Jobless Claims, with New Homes Sales reported at 10 AM EST — All are marked red on Econoday, which indicates possible market movers.