June 23, 2022

S&P 500 / Elliott Wave Update 6/23/2022 by Michael Filighera

Thursday’s trade again returned to containing longer periods of what seemingly felt lack a total absence of sellers.  There were also longer periods of pure chop within a 5-to-10-point range.  Nonetheless, there are no strong changes to make to the charts or price action.  It remains all about tomorrow’s expiration.  Particularly in AAPL, MSFT, GOOGL and likely TSLA.

For tomorrow we need to continue to leave open the potential and probability of a finishing surge towards 3840.  There remains resistance which could end up being strong(er) at 3825 to 3850.

If the ES breaks down from current levels, we need to look for breaks below the MA’s – the 20, 200, and 50 carry more weight in supporting the highs being in – ultimately though, look for a break back below 11300 to start to hammer in the final nail(s).