November 24, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 11/23/2022 by Michael Filighera

Wednesday’s trade remained within parameters for the current labeling and counts.  The disappointment for me was the very muted response to all the economic data released this morning.  The markets however, did eventually resume the schedule and move higher also within the context of the current labeling and counts.

Friday’s trade is likely to again favor the upside, but will likely have periods of stronger selling as well.  Similar to today in nature, but remember Friday is a half session so the close is adjusted to 1 PM EST.  It is also a weekly expiration so expect continued posturing as to which strike price traders will looking to pin expiration.  Possibilities are great for several rounds of adjustments as the volatility jumps around.