August 21, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/21/2023 by Michael Filighera

Let me start with the obvious – yes, NVDA moved strongly higher today, yes NVDA managed to control the “Magnificent 7” and together push the NQ 228 points higher- no, I’m not switching the count – (yet) – yes I still have the alternate (bullish) count – yes – the treasury markets took another nose dive lower (futures prices) pushing yields higher – yes, the $ remains stable above 103 — I have updated the labeling where needed and restated the Fibonacci retracements in the NQ – I did discuss the “what if” scenario should the NQ break substantially higher. We have 2 more sessions before NVDA tells us what’s up with earnings. Tuesday – only Existing Home Sales at 10 AM EDT – @7:30 AM – Richmond Fed President Tom Barkin speaks, @ 2:30 PM EDT Richmond Fed President Tom Barkin and Fed Gov. Michelle Bowman speak.