January 2, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/02/2024 by Michael Filighera

Happy New Year! The markets kicked off 2024 with a stronger downside move as corrections across the board started the new year. The NQ took the brunt of the selling as tech pulled back — the ES also was caught in a downdraft but not as strong as the NQ due to the upside strength seen over in the financial sector. I update the wave count for both markets and feel that the 4th waves are still in progress and present a couple of possibilities for both the ES and NQ — I also update the Fibonacci levels.

Wednesday pre-market @10 AM EST – US jobs openings & ISM Manufacturing – @ 2PM EST – the FED minutes from the December meeting.