February 28, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/28/2024 by Michael Filighera

The markets didn’t clear up the near term path as I was looking for on yesterday’s update — in fact I ended up eating my words so to speak with feeling the rally was on again — that thought was crushed by the market overnight and then again during the US session. Nonetheless, clarity didn’t come along with the downside moves. I again update the picture which remains “iffy” in terms of exactly what are the ES and NQ up to. I review both looks and also review the Fib levels and discuss the break levels that would suggest the highs are in for the Primary B waves. Tomorrow pre-market @ 8:30 Am EST – Initial Jobless Claims, and PCE index, @ 9:45 AM EST – Chicago Business Barometer (PMI), @10 AM EST Pending Home Sales.