January 26, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/26/2023 by Michael Filighera

Thursday’s trade continued to move the markets higher on the back of TSLA’s earnings and renewed buying interest in MSFT.  INTC earnings after the close though, brought the buying to a halt and allowed the sellers to move in.  The start of Globex shows the selling is continuing.  The pattern remains intact for now with upside still expected to complete the move.  I review and began to add additional layers of Fibonacci extensions to begin to focus on possible zones for the current rally phase to complete.

Tomorrow is expiration and there is no reason to doubt the power of the players to close this week’s expiration(s) at the levels they need.  I discuss a few of the bigger tech titans and possible levels to watch for tomorrow.  A few “minor” economic numbers coming out tomorrow as well —