February 2, 2023

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

Thursday’s trade was revealing and wild ending with the trifecta of surprises.  The upside remained intense for most of the day with the sellers showing their strength towards the last hour of trade.  After market we got the trifecta of tech earnings – AAPL, AMZN, & GOOGL – all three missed somewhat creating an strong exodus from the market players.  The NQ and ES both ran up to resistance levels I have been associating with the completion points for the current Intermediate wave 2 countrend rally.  That may have occurred today.  I don’t have confirmation yet, but the selling off of the earnings reports may have capped the 2nd waves and started the 3rd waves down.  I did label both charts but not with the total completion points for the Intermediate 2nd waves.

For tomorrow – it is expiration and there is plenty of expiring options that undoubtedly be in play — TSLA and META collectively proped up the ES and NQ with their dynamic rallies today as both stocks took a stab and getting back above 200.  Most of the tech titans caught the upwind and that may or may not unwind tomorrow.  Pre-market the Employment situation data will be released.  Still many factors that could run the markets in both directions.