March 28, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/28/2023 by Michael Filighera

Tuesday’s trade was not very revealing as to direction.  Initially, the NQ dropped and the ES rallied as the tech sector lost ground due to what the financial media termed as “rising rates.” So the day started off strange in that the tech sector doesn’t like “rising rates” but the balance of the market sectors doesn’t mind higher rates.  Reality though continues to point the finger at the 0DTE options as being the culprit behind the strong moves in both directions in the indexes. There weren’t any changes to labeling and I need the markets to clear up the questions as to whether the ES and NQ will continue to rally in what may be a double a-b-c to complete smaller 2nd waves.  I also added Fibonacci extensions should the markets be putting in the double a-b-c patterns.