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.