May 22, 2024

S&P 500 & NASDAQ 100 / Daily Technical Update 5/22/2024 by Michael Filighera

Both the ES and NQ continue to subdivide within ongoing extended 5 wave structures. NVDA’s earnings were solid as expected with the market reacting more to the release of the last FOMC minutes. I’ve updated the labeling and made small adjustments to the Fibonacci levels. The markets may now move back to focusing on the FED which leans toward economic data again moving to front and center on data releases. Near term charts continue to suggest additional upside is necessary before the larger more sustained 4th wave corrections kick in. Thursday pre-market @8:30 AM EDT – Initial Jobless Claims, @9:15 AM EDT S&P U.S. Services and Manufacturing PMI’s, and @10 AM EDT New home Sales.