February 9, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 2/09/2023 by Michael Filighera

Thursday’s trade continued the string of wild and somewhat crazy days.  Both the ES and NQ caught several down drafts today with volume increasing as the sellers became stronger.  I can’t just yet declare the larger Intermediate B wave as complete at last week’s highs. There remains Fibonacci .382 support in both markets that has not been challenged yet.  Therefore, I need to leave open the possibility of a “Hail Mary” play taking place.  A break below Fib .382 support would tilt the compass towards the highs being in and the Intermediate B wave being complete. While I don’t like the pattern off the highs to today’s close – I will should the market continue lower and pick up speed figure out the count and post it accordingly.

Friday is expiration and while I did check the ES options and the QQQ options for clues – there weren’t any glaring strikes that were screaming out to me.  I am seeing the topside being lowered a bit within the ES with the 4150 strike being popular today.  So, all in all there remains the potential for a strong spike like move back to the 4200 area in the ES and the 12950 area in the NQ — while it may look impossible from current levels — I have learned the hard way never to say never. Particularly when it comes to the NASDAQ and S&P.