May 20, 2024

S&P 500 & NASDAQ 100 – Daily Technical Update 5/20/24 by Michael Filighera

Both the ES and the NQ continued to expand on the upside with additional new highs being put in today. The EW pattern remains in an “extended” 5th wave. I review the degree and what is yet to come before “larger & deeper” retracements should occur. The markets continue to work towards the completion of a higher degree fifth wave. No economic data being released on Tuesday – there are numerous FED officials out speaking tomorrow throughout the day.