Tuesday’s trade was the opposite of Monday in that the buyers moved back in as the end of quarter position squaring continued. Both the ES and NQ had strong upside moves – which in turn gave some support to the Minor 4th waves being complete and both markets in the beginning stages of Minor 5th waves up. I updated the labeling to reflect the double A-B-C structures to put in the Minor 4th waves. I also updated and restructured the Fibonacci extensions for the Minor 5th waves, the Intermediate “C” waves and the Primary B waves to identify clusters of resistance that would be strong candidates to complete the larger moves.
Pre-market tomorrow – at 8:30 AM EDT U.S. Trade Balance, Retail and Wholesale Inventories data will be released. At 9:30 AM EDT Fed Chair Powell will be speaking. I would believe depending on what he actually discusses or adds to the ongoing rate hike conversation the markets may have some interesting moves at the opening.