June 5, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Daily Update 6/5/2024 by Michael Filighera

Powerhouse rallies in the markets today with both the ES and NQ moving to multiple new ATH’s. Also, both markets managed to exceed Fibonacci resistance levels on several degrees. This delivers a stronger message in that the highs are not in yet and the upside resistance levels that we may have not been looking for at the start of the week are now in play. I update the EW labeling and also update the Fibonacci levels. Expectations for now would be for a “small” pull back to be followed by additional rallies before the markets would be ready to begin a bit larger pull back of 5 to 10%. In Elliott terms it would be a Minor 4th wave in the ES and an Intermediate 4th wave in the NQ. Thursday pre-market @ 8:30 AM EDT Initial Jobless Claims, U.S. Trade Deficit, and U.S. Productivity.