October 31, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 10/31/2022 by Michael Filighera

Monday’s trade was in line with yesterday’s analysis and basically in a range.  The opening saw some sellers which did push both the NQ and the ES below support I felt would contain moves today.  Nonetheless, it did not break any rules, so the counts remain the same as do the both the Fibonacci retracements and extensions.

Tomorrow at 10 AM EDT the ISM Manufacturing Index will be released.  It has the potential of being a “market mover” and after the PMI data was released today, the surprise may come via a larger than expected move in the index.  Outside of that I’m still not looking for much in the way of larger moves with the market likely remaining more range bound than breaking higher or lower.