May 18, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/18/2023 by Michael Filighera

Up, up and away was today’s theme with both the ES and NQ along with the balance of the indexes were put on cruise control to the upside. Effectively continuing the relief rally that began yesterday with the bulk of the push being provided by the NASDAQ tech titans. I have updated the labeling and also the Fibonacci extensions for minute 5th waves. This suggests that per my labeling we are close to reaching the “goal posts” to complete the Minor 5th waves, and in turn the Intermediate “C” waves and again in turn the Primary B waves. However, there remains a fair amount of “room” to the upside. The ES does have a solid Fibonacci cluster around the 4300 level as well as the 4250 to 4265 level. The NQ has pushed above 13900 and as I write this the NQ sits at 13950 in Globex trading. Resistance clusters for the NQ begin at 14000, 14043, 14093, and then 14151.

No economic data due out tomorrow, Fed governor Williams speaks at 8:45 AM EDT and then Fed Chair Powell and former Fed Chair Bernanke are speaking as part of a panel – where I do not know.

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