August 23, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/23/2023 by Michael Filighera

Minor 2nd waves continue to unfold in both the NQ and the ES. Within those 2nd waves — minute waves A and B are complete with C waves launching higher early in the U.S. session. NVDA reported earnings after the close. Again, the company produced solid gains and projects a strong 3rd quarter result. The stock jumped above 500 – no surprise there and the NQ and ES continued higher reaching next resistance levels as wave 3 of C progresses. I discuss the alternate count tonight — it has not gone away — just placed in the background. It again deserves a mention and I did — I continue to look at the current action as Minor 2nd waves. The markets have not reached top level Fib resistance. I will continue, of course, to follow the action and act accordingly. Tomorrow pre market – @8:30 AM EDT Initial Jobless Claims and GDP. Fed Governors will begin giving interviews – which are likely to cause a rift in the markets throughout the next couple of days.