January 30, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/30/2024 by Michael Filighera

Just when I thought it was “safe to get back in the water” – someone range the “shark bell” and it rang loud. MSFT, GOOGL, and AMD reported after the close on Tuesday – all 3 reported better than estimated earnings and AMD went so far as to present strong forward guidance for Q1 24. By the end of the session all 3 stocks were getting hit again. This has upset the upside “apple cart” but all is not lost — YET! I update the labeling and include levels that should not be broken if there remains a path higher to additional new highs. For now I remain open as to the near term paths for the ES and NQ. Tomorrow pre-market @8:15 AM EST – ADP Employment Report, @8:30 AM EST – Employment Cost Index, @9:45 AM EST – Chicago Business PMI and at 2 PM EST – the FED Rate Decision.