February 1, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/31/2024 by Michael Filighera

I think it is safe to say Wednesday’s trade was strange and revealing all at the same time — mass confusion also comes to mind – misguided – I guess there are many words that could describe today’s trade. Both the NQ and ES continued to decline off the openings as expected and in line with the moves described in yesterday’s update — All was good until FED Chair Powell was working through his press conference. Traders started by pushing through several rounds of strong buying – but it stopped and it started to drop as the markets turned and sold and sold and sold — taking the ES down over 80 points and smashing to pieces the small minuet wave 2 pattern – the NQ on the other hand held to parameters for a minute 4th wave, but it doesn’t seem that it will hold — nonetheless I have brought out the big count and show tonight that Primary B waves look to have complete at this week’s highs — We shall see — Tomorrow pre-market @8:30 AM EST – Initial Jobless claims, U.S. Productivity, @9:45 AM EST S&P U.S. manufacturing PMI, @10 AM EST – ISM manufacturing and Construction Spending. Tomorrow after the close – AAPL, AMZN, and META report earnings.