January 4, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/04/2024 by Michael Filighera

Tonight I moved, what I presented as the alternate count on the NQ over to preferred status. The ES continues to hold higher support which would keep it in a Minor 4th wave correction. This will get very interesting since the NQ continues to suggest additional downside will occur before a sustained rally kicks in. The NQ is within 70 points of negating the minute wave 4 count. We shall see what takes place after tomorrow.

Friday pre-market @8:30 AM EST U.S. Employment data, @10 AM EST – ISM Services and Factory Orders. @1:30 PM EST – Fed President Barkin is speaking.