November 16, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/15/2022 by Michael Filighera

Tuesday’s trade was very muted after the PPI data was released as compared to last Thursday when the CPI data was released.  Actually, it was somewhat of a disappointment to watch as well. It took a few minutes to the buyers to come in and start to push higher and then it basically moved in a much slower manner.  That was until the news hit that a missile fired by Russia ended up striking a border town in Poland.  That did bring several rounds of selling which saw early gains get erased and then put back on.

I updated the labeling and included a “warning” of sorts on leaving open the potential for additional highs above what was seen today.  I also discuss what to look for on an upside and downside move.  I am leaving the labeling as is where I have marked the completion point for Intermediate wave 2.  Although, as I just said we need to leave open the potential for another run for the “brass ring.”

Pre-market on Wednesday will be the release of Retail Sales, Import & Export Prices, and Industrial Production – both Retail Sales and Industrial Production have been “market movers” in the past.  Also, NVDA reports after the close.