June 20, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 6/20/2023 by Michael Filighera

Tuesday’s trade was in line with analysis in that both the NQ and ES did put in additional lows to complete respective 4th waves with the rallies in both markets kicking in again albeit with less power than we saw last week or at other points during the rally phases.  I have updated the labeling to reflect the additional low for waves 4 and adjusted the Fibonacci extensions for minute 5th waves in both the NQ and ES.  Outside of that there are no additions to current analysis or expectations.

Tomorrow there is no economic data being released.  However, Fed Chair Powell will be speaking to a House panel starting at 10 AM EDT.  Also at 10 AM EDT, the Senate nomination hearings for Fed Governors Jefferson and Cook along with nominee Kugler.