Wednesday’s trade was great for day trading — and that would be both in the NQ and the ES. However, as for clarity on direction or clarity for the current preferred and alternate views – nah — no changes — not much clarity. Both counts continue to operate side by side. I do though believe that direction for tomorrow will be determined at 8:30 AM EDT once the Initial Jobless Claims are reported along with the CPI. Under both the preferred and alternate counts I believe that additional downside is needed before either count claims victory in moving forward. I review Fibonacci extensions for both markets in terms of support for minute 5th waves down. Thursday pre-market @ 8:30 AM – Initial Jobless Claims and CPI – both will undoubtedly move the markets.
August 9, 2023