• Home
  • /
  • S&P 500 / Elliott Wave Update 6/30/2022 by Michael Filighera

S&P 500 / Elliott Wave Update 6/30/2022 by Michael Filighera

Thursday’s trade was more in “trend” which does for many make for a nicely profitable day.  As I suspected the first hour provided some very   profitable trades.  The ES did continue to fall and found early support at 3741.

I am leaving open the potential for the ES to turn tail and run higher and if tomorrow contains thin trading it won’t necessarily take very much to move the likes of AAPL, MSFT, TSLA, AMZN, and a few other titans.  A run higher would also fit within the context of a continuing Minor wave 2 corrective bounce.  Within the Minor wave 2 – waves A is complete at 3948 and wave B very likely at 3741 – this then suggests that wave C is next up and should kick things into gear with a strong push back above 3820 for starters. The hourly 200 EMA is 3825.  There would be additional resistance and potential for a continued run with Fib extensions remaining on the chart for reference.

Tomorrow is a weekly options expiration beware of “gamma squeezes” adding a little “beta” to moves in both directions.  At this juncture I have to remain with a 50/50 probability of either direction catching “fire” and holding for the day.   Downside support remains at 3735 and then 3693 to 3639.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

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.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.