December 1, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/01/2022 by Michael Filighera

Thursday’s trade was much tamer than Wednesday.  The ES and NQ both ran to new highs for the current upside sequence with both reaching Fibonacci resistance and both looking to have completed 5 waves up off of Wednesday’s lows.  I’m unable to say that today’s highs completed the Minor C waves and in turn the larger Intermediate wave 2 countertrend rallies.

Tomorrow, pre-market comes the Employment Situation numbers for November and I would expect some kind of reaction to the data — whether it will be mild or severe is yet to be determined.  It is also an expiration Friday, which will have a pull in the markets most likely in both directions.  Hopefully the combination will produce a steady flow of trades.

As stated in the update — I will be posting an Eye of the Storm Podcast on Saturday and then a quick update on Sunday once Globex begins.