May 29, 2024

S&P 500 & NASDAQ 100 / Daily Update 5/29/2024 by Michael Filighera

S&P 500 & NASDAQ 100 continued to consolidate today. I’ve updated the labeling and the Fibonacci levels to reflect in the ES a continuation of minuet 4 which is a change over yesterday’s update — the NQ on the other hand has not broken below where minuet 4 is marked which leaves in place the current pattern. However, I do show and discuss the potential possibility that the NQ will go the way of the ES tomorrow or overnight. Larger count continues to suggest that what is in process in a minuet 4th wave with much additional upside still to come. Thursday pre market @8:30 AM EDT – Initial Jobless Claims, GDP (first revision), Advanced US Trade Balance in Goods, Advanced Retail and Wholesale Inventories and @10AM EDT Pending Home Sales.