March 29, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/29/2023 by Michael Filighera

Wednesday’s trade produced a very strong “up” day with both the NQ and ES running higher in a search for liquidity. With 1st quarter ending on Friday, there is a great deal of position squaring, stock/sector rotations, and also Friday’s expiration to deal with. I have again adjusted the wave count and the labeling which suggests a continuation of the upside at least through the balance of this week. I’ve moved the Intermediate B labeling basically off of the charts for now as I see both the NQ and ES as being in the process of putting in a more complex pattern which is a double A-B-C structure. I also believe that both markets are in the process of tracing out the 2nd “C” waves and within wave “C” are moving higher in 3 of C moves. I also updated the Fibonacci extensions and retracements to reflect the current labeling.

Tomorrow, pre market GDP data and Jobless Claims data will be released at 8:30 AM EDT. Also tomorrow there will be 3 FED Govenor’s speaking. Last – at 4:15 PM a little watched data set called Fed H.4.1 report on bank lending will be released. I’m feeling that this will be closely watched and may produce a stronger reaction from the market after the close.

- 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.