November 16, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 11/16/2023 by Michael Filighera

Thursday’s trade was mixed in terms of A/D ratios – being 1.7/1 declining on the NYSE and 2:1 declining on the NASDAQ. The Russell carried the brunt of the sellers while the Mag 7 + a few friendlies managed to keep the NQ and ES above support. Expectations remain for the minuet 5th waves to catch on and carry the NQ and ES above yesterday’s highs and on up to resistance as laid out in the update. Tomorrow pre-market @8:30 AM EST – Housing Starts and Building Permits – the balance of day will be filled with FED Gov’s with speaking engagements.