October 27, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 10/27/2022 by Michael Filighera

Thursday’s trade gave additional confirmation/support to the Intermediate 2nd waves being complete in both the ES and the NQ.  I had left open the potential that the markets could turn on a “tick” and run back up to make another attempt at higher highs above 3897 in the ES and 11734 in the NQ.  That did not occur with both markets continuing to move lower.  AAPL and AMZN reported – both after moving lower during the regular session continued lower, with AMZN taking the bigger hit.  INTC on the other hand sent a surprise “beat” on earnings with the stock moving higher after.

While the majority of tech titans have reported there remain plenty of additional “market movers” to come.  Next week AMD and NVDA will give a look into the chip makers which will highly anticipated.

For tomorrow, it is Friday, which means another expiration.  I suspect volatility will remain high in several of the component stocks within the ES and the NQ.  I discuss and update the EW counts and review the Fibonacci extensions for Intermediate wave 2’s and Fibonacci extensions for the small minute 4th waves likely in progress now.