March 20, 2023

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

As I suspected the markets were more on the quiet side although there were several profitable moves early in the session. The ES and the NQ both dropped during the Globex session before rallying. The rally in the ES, though, did produce a labeling change, which will draw out the end point for the minute wave 2 countertrend rally that remains in process now. The NQ still appears to need an additional high above 12800 before the Minor wave 2 countertrend rally is complete. Basically then, aside from the small labeling changes expectations remain for the ES and NQ to push to new highs for the sequence in process and I have adjusted the Fibonacci retracements and extensions accordingly.

For Tuesday, again there aren’t any major economic figures due out, which may leave the market as directionless as it was today. As we all wait for the FED oracle to give us the word on Wednesday at 2 PM EDT.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.