May 1, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/1/2024 by Michael Filighera

Wild and crazy day to say the least! Both the ES and NQ gave a nod and a push towards both the “A” and “B” versions of the preferred count(s). Neither came out the winner and I again am not handing out the winning ticket — so again I lay out possible limitations which could help produce the winning call on direction. Until then – there was plenty to trade once the move(s) began after the FED announcement and press conference. I lay out the possible paths and what to expect if either becomes engaged. Hopefully one way or the other the winner makes it clear soon. Thursday pre-market @8:30 AM EDT – Initial Jobless claims, U.S. Trade Deficit and Productivity + Unit Labor Costs, @10AM EDT – Factory Orders.