May 15, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 5/15/2024 by Michael Filighera

VIX expiration today, once completed it was back to business which was to sell the VIX and buy the underlying volatility. Implementing the trade is a self-fulfilling trade. Nonetheless, the NQ and ES went parabolic at times both reach existing highs (NQ) and new highs (ES). I have turned my focus to the 4 hour chart and under for both markets as well — leaving analysis to remain more daily to weekly so to speak. I update the EW labeling (starting with the 4 hour chart) I also adjust Fibonacci levels (Retracements and Extensions) for tomorrow. Thursday pre-market @8:30AM EDT – Initial Jobless Claims, Philly Fed Manufacturing Survey, Housing Starts, and Import Prices – @9:15 AM EDT Industrial Production and Capacity Utilization.