March 12, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/12/2023 by Michael Filighera

Wild and crazy Globex opening — lots of news from the FDIC and FED regarding the brewing banking problems — SVB deposits now secured whether insured or not. Key bank taken over by FDIC – contagion spreading with the FED moving into hyper drive to control it — Next add the futures roll kicking in big time shortly after the opening — with the news boost it added a layer of urgency getting it complete. All in all, though – I do discuss and adjusted the labeling on both markets — I continue to view it as all part of an Intermediate C wave down — and within that a Minor 3 wave down — I also review the 30-year bond as the treasuries gyrate as well.