July 31, 2022

S&P 500 / Elliott Wave Update 7/31/2022 by Michael Filighera

Friday’s trade was not unexpected and did produce some solid tradable/profitable trades. The ES again started lower and “turned on a tick” to start heading up. It was an uptrend on an intraday basis. The ES reached 4144 before losing steam and dropping back into the bell and then the after hour of trade. With expiration behind us as well as the major tech titans’ earnings reports, the market now needs to deal with reality and what comes next.

For tomorrow, the ES may still have a bit further to go on the upside before the “C” wave is complete and in turn the Minor wave 2. Once complete though, a turn lower would be expected. The intensity should increase as well as the market begins to break back below the moving averages. As far as support Fibonacci support levels on the Daily chart for on the way down come in at 4017, 3872, and then 3639. The Daily 8 MA is at 4028, the 20 and 50 MAs are showing the 50 EMA at 3963 along with the 20 and the 50 SMA at 3926.

- 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.