December 29, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/29/2022 by Michael Filighera

Thursday’s trade did somewhat clear up the very near term picture and labeling – more so in the NQ. Both the ES and NQ headed higher on Thursday as minute “C” waves kicked into gear. I have updated the labeling in the NQ to reflect the move and also made some adjustments to the labeling for the ES. I review today’s action in TSLA, which again continues to hold the NQ and ES in bondage to its gyrations in both directions. The liquidity at the moment in the stock is akin to Niagara Falls in full flow with over 200 million shares trading again today. The options open interest that expires tomorrow highly favors another day of very large volume.

I also spend a few minutes discussing “Mindset” upsets when the best laid plans don’t work out. I hope you hang out since it is included at the end of the update.

I also would like to thank all subscribers and visitors who have passed through my updates and in particular to those that have left their own counts and thoughts. It has been a great discussion – one that I hope continues into 2023.

Here’s to a Safe and Happy New Year!!

- 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.