May 25, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/25/2023 by Michael Filighera

Thursday’s trade continued the market’s string of bizarre.  After NVDA reported on Wednesday the NQ raced higher initially 150 points.  By the time Globex started the futures were heading up over 200 points and by the time the US regular session began it was 300 points.  Eventually, the NQ reached above 14000 and to resistance at 14034.  I have updated the charts including the Fibonacci levels.  The ES not wanting to be left behind did have a more difficult time and labored for most of the session to move higher.  I’ve updated the labeling and count for the ES as well and discuss what may be in play currently.  Particularly how the ES could become somewhat detached from the NQ and move lower.

Friday pre-market there are several economic data points being released at 8:30 AM EDT: Durable Goods Orders, Personal Income and Spending, PCE Index, Core PCE Index, Advanced US trade balance in goods and services both retail and wholesale. At 10 AM EDT Consumer sentiment (final).