June 14, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 6/14/2023 by Michael Filighera

Wednesday’s trade started with a very mute reaction to the PPI numbers followed by a strong upside move bringing both the NQ and ES to resistance levels.  The FED decision brought the reverse reaction that I expected that being a strong drop followed by a strong rally.  I’ve updated/adjusted the labeling accordingly and also made adjustments to the Fibonacci retracements/extensions.  Expectations include possible follow through to the downside to complete 4th waves in both markets followed by 5th waves higher.  Again, adjustments have been made and clusters shown for upside resistance.

Tomorrow, pre-market at 8:30 AM EST – data released for Initial Jobless Claims, US Retail Sales, Import Price Index, Empire State manufacturing survey, and Philly Fed manufacturing survey.  At 9:15 AM Industrial Production and Capacity utilization and at 10:00 AM Consumer Sentiment.