March 7, 2023

S&P 500 & NASDAQ 100/ Elliott Wave Update / 3/07/2023 by Michael Filighera

Tuesday’s trade was on the quiet side as the RTH sessions began.  Mr. Powell began his prepared introduction at 10 AM EST – the markets immediately took a quick dive into the deep end! And so went the balance of the day — I discuss tonight the FED funds rate and how that is now putting additional pressure on the markets moving forward.  I discuss the rates as the markets closed today — I discuss the Chairman’s statements that rate hikes are likely to rise more quickly for a longer period of time.

I update the EW and Fibonacci levels accordingly – both are subject to change accordingly as well.  Yesterday’s highs are becoming more cemented into place.  Reality is beginning to take hold at least for the near term.