June 29, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/29/2023 by Michael Filighera

Thursday’s trade was a bit more volatile than Wednesday with good moves in both directions producing some solid rewards for traders.  The Elliott Wave picture has not changed in that the ES moved to new highs for the sequence and I believe revealed that minute wave 1 likely completed at this afternoon’s highs.  Where in the NQ minute wave 1 completed as yesterday’s highs with minute wave 2 possibly completing at today’s lows.  Back in the ES – minute wave 2 has not started yet, and with it looking due I’ve included Fibonacci retracements  and the probable path.  I also review a possible short time frame alternative where by minute wave 1 did complete at yesterday’s highs and that minute wave 2 is forming an “irregular” (yes another one) “B” wave of minute wave 2 with wave “C” of minute 2 bringing the market back towards the 4400 level before minute wave 3 kicks in and takes prices higher.

Tomorrow is packed with pre-market economic data, which could drive the market in both directions.  At 8:30 AM EDT –  Personal Income and Spending along with the Core PCE Index.  At 9:45 AM EDT – Chicago Business barometer and at 10 AM EDT – Consumer sentiment (final).