April 10, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/10/2023 by Michael Filighera

Monday’s trade was fairly in line with “wash, rinse, repeat” or another “Groundhog Day.”  Until the markets actually rotate lower away from 4100 and 4000 the ODTE options will continue to draw back to the heaviest traded call or put.  It happened again today where initially it appeared that both the ES and NQ were headed down and likely going to break the lows – throwing into jeopardy the finishing rallies and the larger Primary B waves — well that didn’t happen and once the markets reached their lows the march higher began and picked up steam and strength along the way.

For tomorrow, I am continuing to look for additional upside to finish the countertrend rallies that have been in play since the October 2022 lows.  There are several points in both the ES and the NQ where this end may occur.  I lay out both the upside and the downside pictures and how to identify each as being in control

There aren’t any economic numbers due out on Tuesday.  On Wednesday, look for CPI early to give directional bias to either the buy or sell side.