May 10, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/10/2023 by Michael Filighera

Wednesday’s trade saw the release of the CPI data, the markets flipped higher and then flipped lower – the NQ made additional highs above 13400 in the NQ while the ES failed to break back above 4200. As I discuss tonight the wave patterns have once again turned confusing, with the NQ basically checking all the boxes for putting in a completion point for everything up to and including the Primary B wave. The ES, though, remains stuck below 4200. I am again keeping open the potential and probability of the ES breaking back above 4200 with the NQ likely breaking above 13500. Exact labeling remains open at the moment due to the erratic movement today in both markets.

Tomorrow look for the PPI data and Initial Jobless Claims data at 8:30 AM EDT. There are two FED governors speaking beginning at 8:45 AM and 10:30 AM EDT.

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