May 16, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/16/2023 by Michael Filighera

Tuesday’s trade was again another episode of “Groundhog Day”.  I do, though, present my alternate count for the ES without making any declarations that it is being moved over to preferred status.  That isn’t happening and the preferred count remains as given and labeled.  It is, however, getting very difficult to get a “grip” on what the markets are doing and what the next move will be.  I will say that the “springs” are being tightly wound very tightly and appearing to get tighter each day.  Whatever the end result is going be my gut tells me it will be a strong reaction.  The ES continues to trade in a tight range which keeps everything undecided and everyone on edge.  The NQ continues to move to next resistance creating new highs for the current sequence.  Both markets continue to carry potential for additional highs – above 4250 in the ES and closer to 13600 in the NQ.

Tomorrow pre-market Housing Starts will be reported at 8:30 AM EDT.