May 15, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 5/15/2023 by Michael Filighera

Monday’s trade was again range bound with a more neutral bias.  Both the NQ and ES continue to follow the same pattern that we have seen over the past few weeks – that being opening lower reaching session lows early and then spending the balance of the session rallying back to “pin” the markets at levels derived from the ODTE options.  The only add to current analysis is the potential for a more pronounced triangle pattern forming on the ES which would extend the Minor wave 4 over to the current pattern, which if in process would suggest the ES has not begun its Minor 5th wave rally yet.  It may feel like a stretch today, but we will see how this all unfolds over the balance of this week.

Tomorrow pre-market, US Retail Sales data is released at 8:30 AM EDT, Industrial Production at 9:15 AM EDT – also at various times starting at 8:15 AM EDT through 7 PM EDT – there are 7 FED governors out speaking at various times during the day.