July 5, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 7/05/2023 by Michael Filighera

Wednesday’s trade was very much in line with current analysis.  Both the ES and NQ put in what I’ve labeled as the completion points for minute 4th waves within the ongoing Minor 5th waves.  The bulk of the rally off of the opening was supported by the NQ with the ES following suit but was being held back by selling in the broader markets.  Nonetheless, both appear to have completed the opening rallies (1st waves of minute 5th waves) with the pull back being all of small 2nd waves or part of small 2nd waves.  I also took a look at a possible alternative view on the NQ where minute wave 3 actually completed at today’s high at 15432.  If this is the case, the decline in process would be labeled as wave 4.  How that may affect the count in the ES is yet to be determined.  The upside targets remain in place where a continued rally in both markets should lead to 15500 to 15600 in the NQ and 4525 to 4600 in the ES.

Tomorrow pre-market: @8:15 AM EDT, ADP Employment Report – @8:30 AM EDT, Initial Jobless Claims and U.S. Trade Deficit – @9:45 AM S&P flash U.S. Services PMI – @10AM EDT ISM Services.