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.