June 27, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/27/2023 by Michael Filighera

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.