March 1, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/01/2023 by Michael Filighera

Wednesday’s trade was again difficult to trade at times and easy at others.  There are no changes to make to the current EW count or labeling — I have added labeling to begin to fill in the minute b waves within the larger Minor second waves.  Both the NQ and ES dropped and tested the February 24th lows.  Both held with the markets turning higher.  It is not clear as to whether the minute b waves are complete.  I’m leaving open the potential for yet another dive below support making a trip down to 1.236 or 1.382 % retracements for the minute b waves.  This then also leaves open the necessity for a minute c wave to launch the indexes higher with an additional run up to 4000 in the ES and 12,200 in the NQ.   I also include discussion on the Treasuries with the FED funds beginning to price in future rate hikes as evidenced in the futures.

Tomorrow pre-market at 8:30 AM EST look for the latest Jobless Claims data and the revised US Productivity data.