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.