May 31, 2023

NASDAQ 100 & S&P500 / Elliott Wave Update 5/31/2023 by Michael Filighera

Wednesday’s trade show both the NQ and the ES continue to pull back. Tonight I update the progress within the Minor wave 4 in the NQ and the continuing a-b-c pattern within the minute wave 3 in the ES. I discuss the preferred and alternate(s) for both markets. I discuss the current technical picture and apply the counts to several potential outcomes.

Tomorrow, pre-market there is a fair amount of data being released — at 8:15 AM EDT the ADP employment report, at 8:30 AM EDT Initial Jobless Claims and US Productivity, 9:45 AM EDT S&P U.S. Manufacturing PMI, at 10 AM EDT ISM Manufacturing and Construction Spending, and at 1 PM EDT, Fed governor Harker is speaking.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.