April 24, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 4/24/2023 by Michael Filighera

Monday’s trade was another “Groundhog Day” in terms of trading patterns.  The NQ and the ES were not in sync from the opening with the NQ rising and the ES declining.  Once trading sync’d up both markets hit the skids with the NQ then carrying the downside strength by breaking below 13000 briefly.  The Groundhog Day part come into shortly after each reached the morning lows which then have been followed by a steady rally back to “pin” the expiration back above 13000 in the NQ and 4100 in the ES.  The EW patterns have not changed and the Fibonacci numbers also have not changed.  Short term expectations remain the same as well.

Tomorrow premarket 9AM EDT a couple of housing indexes will be released. At 10 AM EDT look for New Homes Sales data along with Consumer Confidence.