October 23, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 10/23/2023 by Michael Filighera

Monday’s trade followed through on what I presented yesterday in both the equity indexes and the treasury markets. The ES initially did sink with the SPX breaking below 4200 with the ES and NQ reaching session lows early. the ensuing rallies were powerful and again in line with what I presented yesterday. I update the EW labeling and also the Fibonacci retracements and extensions. The 10 year Note saw a very large influx of buyers this morning which pushed the yield 18/19 basis points lower in a matter of an hour. Once 5% was reached the buyers jumped to attempt to lock in the yield. Tomorrow pre-market S&P flash services PMI and manufacturing PMI.