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.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

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.