August 16, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/16/2022 by Michael Filighera

I am combining the updates tonight as the picture(s) haven’t changed very much. Both the NQ and the ES pushed to new highs and into resistance – The NQ reached 13741 and the ES reached 4327. With those levels basically being rejected and the markets turning lower — that didn’t last though with the close seeing both indexes get pushed back up.

For tomorrow I am continuing to leave open in both markets the potential for another run to higher resistance at 4350 area in the ES and 14030 area in the NQ. Thus far on the hourly chart(s) I cannot clearly mark a 5 wave decline, which once it occurs will be giving stronger support to the highs and the completion of the current upside. I review continue upside resistance for both the NQ and the ES from Fibonacci extensions for the completion of the moves and from the moving averages still providing resistance.

Continued breakdown from here would need to continue to basically adhere to being stronger, with “purpose” and be persistent. On the hourly chart look for breaks below the 20 MA and the 50 MA’s to give a “boost” to the selling.

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