May 29, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 5/29/2023 by Michael Filighera

Friday’s trade was again very strong in the NQ and also moderate to very strong in the ES.  Both markets zipped through resistance and up to next levels.  Both markets gapped higher on Sunday’s Globex openings.  Both market are continuing to hold those higher levels as Globex begins tonight.  I have updated the EW counts to reflect the strength in the markets and have added additional Fibonacci extensions that cover the extended upside moves.

Tomorrow at 10 AM EDT – look for Consumer Confidence data to be reported.