March 8, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/08/2023 by Michael Filighera

Wednesday’s trade was again aligned with Powell’s testimony – today he was before the House committee. Both the ES and NQ put in several reactions in all directions possible. The count is not very easy to see or label, but after running through several scenarios that coincide with my larger counts, I have labeled today’s activity. The Treasury markets also remain extremely volatile but also within parameters for the moves. Direction remains in line with the trend remaining down for now.

Tomorrow premarket the Jobless Claims data will be released. It will be interesting to see any reaction be replaced with the opposite move as we have seen recently.