May 30, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/30/2023 by Michael Filighera

Both the ES and the NQ managed to hit additional highs just before the opening of the US sessions.  The ES reached 4243 again and the NQ raced up to reach a high at 14570 before beginning to pullback.  I have update the wave count to show at the morning highs the completion point for minute wave 3 in the ES and Minor wave 3 in the NQ.  This then suggests that both markets are now in the process of tracing out a minute wave 4 for the ES and a Minor wave 4 for the NQ.  I’ve also updated Fibonacci support levels for the 4th waves and also updated and review additional upside resistance that would become in play once minute wave 4 in the ES and Minor wave 5 in the NQ engage.

There is no economic data due to be released tomorrow.  However, a couple of FED governors will be out speaking starting at 1:30 PM EDT.