March 30, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/20/2023 by Michael Filighera

Thursday’s trade was in the same mood as Wednesday but seemingly in slow motion.  The rallies continued across the board, but was evenly split or so it seemed between downside sweeps and upside sweeps.  Ultimately both progressed to reach resistance.

Tomorrow pre market and up until 10 AM EDT – the following economic data will be released.  The PCE figures could put a hard stop to the upside, but the way the markets have been trading this week I would not give a high “delta” to that happening.  Here is the schedule.

8:30 am Personal income (nominal)
8:30 am Personal spending (nominal)
8:30 am PCE index]
8:30 am Core PCE index
8:30 am PCE (year-over-year)
8:30 am Core PCE (year-over-year)
9:45 am Chicago Business Barometer
10:00 am U Mich consumer sentiment (final)