October 28, 2021

S&P 500 / Elliott Wave Update 10/28/2021 by Michael Filighera

Thursday’s trade remained volatile with the ES managing to pull higher to basically equal the 4590 high. And then came the titans AAPL and AMZN with earnings reports — AMZN reports lowest quarterly revenue in the last four years and AAPL beat estimates by $0.01, yes one cent.  Conference calls from both companies must have presented a bit rosier picture as the stocks recovered well.  Back at the ranch I have not “filled in the blanks” as far as labeling goes because it isn’t totally clear yet that 4589.75 is the completion point for Intermediate wave “B”.  It may be the completion point for the 3rd wave of a 5 wave sequence.  If this is the case the decline off the close would be wave 4 – leaving another run for the brass ring tomorrow.  Tomorrow is another weekly expiration and as I showed in tonight’s update via TSLA options that will expire tomorrow – the size of what is outstanding will in my humble opinion produce some wild gyrations in the stock and in turn the ES.  Both AAPL and AMZN have already zipped thru several strikes with the adjustments already happening in the stock, which again will have an effect on the ES.  Trade smart use the MA’s and Fibonacci to guide your trades.  Don’t get married to a position, the volatility will kill a PNL and take away from necessary focus.