March 20, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/19/2023 by Michael Filighera

The NQ and ES have both opened higher to start the Globex session. Basically, on the news that UBS will purchase Credit Suisse for $3.3 billion with the markets believing that is a good thing for the decaying banking sectors. I review the counts as I presented in the NDX and SPX on the big picture update yesterday. Technically, both the NQ and the ES needed additional up moves to complete the current small wave pattern. That being a small 5th wave up in the NQ to complete the minute wave C and in turn the Minor wave 2. In the ES, that would translate to a small wave 2 within a Minute wave 3 decline.

For tomorrow, there aren’t any economic figures due to be released before the FED decision on Wednesday. However, there are plenty of fires burning around the globe both financially and geopolitically.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.