November 3, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/03/2022 by Michael Filighera

Thursday’s trade was again a choppy opening followed by a stronger move down.  I’ve updated the labeling for both the ES and the NQ and explain yesterday’s knee jerk reaction to the FED announcement and how I am intending to count and label it.  While it may not be in line with others feel or believe, I am state how I arrive at my conclusion and also how Elliott discusses such anomalies within the markets.  We continue to get confirmation that the Intermediate 3rd waves are in process now with both the ES and NQ putting in the finishing moves to complete Minor 1st waves of Intermediate 3rd waves.

Tomorrow pre-market the Employment Situation data for October will be released.  The consensus from Econoday shows a slight increase in the unemployment rate from 3.5% to 3.6%, with the consensus being 3.5% to 3.7%. The biggest change may come within Nonfarm Payrolls and Private Payrolls – Nonfarm consensus is 210,000 with prior being 263,000.  Private Payroll consensus is 200,000 with prior being 288,000.

Friday is also expiration and that recently has increased volatility and larger price movements.  I suspect that will continue in line with past expirations.