July 19, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 7/19/2023 by Michael Filighera

Wednesday’s trade did not stray from current analysis. Both the ES and NQ managed to hit additional highs with the NQ completing minute wave 3 and the ES appearing to still need an additional high to complete minute wave 3. Both would then be expected to track lower as minute 4th waves unfold, with the NQ already within that process. I review Fibonacci retracements for wave 4 in the NQ and I also review existing Fibonacci extensions still in place as resistance for the balance of the moves in both the ES and NQ.

Thursday pre-market @ 8:30 AM EDT Initial Jobless Claims and Philly Fed manufacturing index will be released @ 10 AM EDT U.S. Home Sales and U. S. Leading Economic Indicators will be released.