February 6, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 2/06/2023 by Michael Filighera

There isn’t much to be adding to current analysis or labeling — basically, the NQ and ES produced the session ranges within the first 1 1/2 hours of trading.  This leaves everything in the same place from where we started.  All Fibonacci levels remain intact and current.  The developing levels for Friday’s expiration remain intact for now as well — I will continue to monitor and make changes as the week progresses.

Tomorrow pre-market the International Trade in Goods and Services data will be released at 8:30 AM EST – also FED Chair Powell will be speaking starting at 12:40 PM EST which it would appear the market is eager to get an update from Mr. Powell after the employment situation surprise last Friday.