March 7, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/06/2023 by Michael Filighera

Monday’s trade in my opinion brought clarity to the EW count in both treasuries and equity indexes. Initially the NQ and ES pushed strongly higher both exceeding smaller Fibonacci extensions but adhering to and reaching Minor degree Fibonacci retracements.  Looks like we may have seen at least some rejection off today’s highs.  This is what I’m looking for to start to support the highs being in and the Minor 2nd waves complete.  I would like to see a few more rounds of “rejection” as the NQ drops below 12000 and the ES below 4000.

The 30 year bond has become very volatile with excellent trading opportunities in both directions.  Tomorrow, “Mr. Powell goes to Washington” to appear before the Senate and on Wednesday he will appear before the House.  I would expect several volatile algo driven moves in both direction.