February 1, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/01/2024 by Michael Filighera

What a difference a day makes – as they say! Yesterday was seemingly institutional selling after the FED press conference, with today prior to earnings and after the earnings report for META a major jam to buy stock and futures to make necessary adjustments prior to tomorrow’s trade. I did make mention that while I was changing the labeling based on the action in the S&P I could be making a very quick shift back should any of the expected earnings reports today “blow the doors” off — well, AMZN initially was a good report with the stock up about $6 – META though, blew the doors off and then some with the stock rocketing higher trading at 451 (as I write this) with a high of 456. Suffice it to say I have reverted the counts back to previous shown on Tuesday – and have reestablished Fibonacci extensions and retracements to reflect the minute 5th waves now being in force. I again review the upside potential according to the various Fibonacci levels. Tomorrow pre-market @8:30 AM EST – U.S. Nonfarm Payrolls, Unemployment rate and US hourly wages, @10 AM Factor Orders and Consumer Sentiment.