June 19, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Technical Update 6/19/2023 by Michael Filighera

Friday’s trade saw additional highs put in for both the ES and the NQ. I’ve updated the EW count and the Fibonacci retracements and extensions for both markets. Expectations continue to suggest additional upside is needed before the larger patterns in progress complete.

Next week is light on the economic data until Thursday, but on Tuesday Fed gov Williams is set to speak at 11:45 AM EDT – on Wednesday Chairman Powell testifies to the House Panel at 10 AM EDT and there is a Senate nominating committee meeting for Fed Govs Jefferson and Cook and nominee Kugler. On Thursday, Jobless Claims at 8:30 AM EDT, existing Home Sales at 10 AM EDT, as well as Fed Chairman Powell will be testifies before the Senate panel at 10 AM EDT along with U.S. leading economic indicators.

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