• Home
  • /
  • S&P 500 & NASDAQ 100 / Elliott Wave Update 10/06/2022 by Michael Filighera

S&P 500 & NASDAQ 100 / Elliott Wave Update 10/06/2022 by Michael Filighera

Thursday’s trade produced an inside day with both the ES and NQ breaking to new session lows during the hour after the close.  Globex has just opened, and the markets are continuing to head lower.

There are no changes to the labeling or to view #1 or #2.  Both continue be valid and I lay out what to expect to give us confirmation of direction and ultimately what the larger counts will be.  I also review resistance and support levels both Fibonacci and accordingly to where the MA’s were situated at the close.

Tomorrow is expiration and the Employment Situation data will be released before the open.  I would be expecting a reaction one way or the other to the Employment data.  That may then have a stronger pull-on expiration.  Remember as the markets move strongly in either direction it pushes prices through strike prices within the underlying component companies with the ES and the NQ.  This will result in adjustments being made to expiring positions and that can produce a more volatile market.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

This assessment is one of many designed for traders and investors by Richard Friesen of MindMuscles.com, to help them refine and expand their mental game.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.