June 1, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/01/2023 by Michael Filighera

Thursday’s trade was more volatile in both directions.  The session started with both the ES and NQ moving to session lows before setting up a strong move higher. Both markets came within
“spitting” distance of previous highs at 4244 in the ES and 14570 in the NQ.  I delve into showing preferred and alternate views in both markets — the update is therefore a bit longer as I set up Fibonacci levels in the NQ.  I review the degrees in operation as to where we are with regard to the “end points.”

Friday pre-market the U.S. Employment Report will be released at 8:30 AM EDT- it could produce a strong reaction in either or both direction.