March 16, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/16/2023 by Michael Filighera

Thursday’s trade was another “Groundhog Day” moment for me.  A wash-rinse-repeat type of day but the caveat was that much of the time it was very difficult to get a “read” on what the algo’s were up to and how far things were going to get pushed. Both the ES and the NQ broke above levels that again brought up a labeling modification.  This modification does allow for additional room to the upside before completing.  I carry the same expectations for the next leg down to begin – in that it should start with a strong rejection and in this case right off the highs.

Tomorrow, there are a few numbers coming out – at 9:15 AM Industrial Production and Capacity utilization and at 10 AM EDT U.S. leading economic index and Consumer sentiment.