February 14, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/14/2023 by Michael Filighera

Tuesday’s trade saw the CPI come, be seen, reacted to, (sort of) and a return to business of “volatility.”  I update the charts in terms of the current EW count.  I discuss what I felt was “behind the curtain” today and that was volatility.  Which I’m beginning to feel has or is becoming misunderstood with the plethora of additional derivative products that are based on the VIX.  So, now we get to deal with volmaggeden, gammagendon, and any other greekmaggden that can be skewed.  I spend some time discussing trading the here and now and the necessity to secure one’s mindset before moving into trade.

For tomorrow there are several data dumps tomorrow pre-market and within the first 30 minutes some of which could produce a ripple effect.  Tomorrow is also an expiration within the volatility derivatives markets — That did have an influence on today’s trading for most of the session.  Be aware of its ability to do the same thing tomorrow. I am continuing to look for additional upside before the market would be ready to turn lower again.  I also added another layer of Fibonacci resistance to the upside moves.