July 26, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 7/26/2023 by Michael Filighera

Wednesday’s trade included the FED decision and Meta’s earnings report — neither had enough power to move the markets beyond what already was done. In the mean time – interest rates were hiked 25bps, which was what the markets were expecting — Meta didn’t blow the doors off of earnings but did report continued improved within AD sales which was a good thing. In any case the stock did shoot up $23 and actually continues to trade in the 321 area – this leaves all analysis unchanged. I continue to wait for (as I explain) the ES and NQ to clear up the path and declare something. But I’m afraid we may have to wait until next week where on August 3rd – AAPL and AMZN report. Tomorrow pre-market @ 8:30 AM EDT Initial Jobless Claims, Durable Goods Orders, and GDP. @ 10 AM Pending Home Sales.