August 22, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/22/2023 by Michael Filighera

For those that may have missed this morning’s message: 8:30 AM EDT – The strength of the bounces has invalidated the current count being shown in the update — I have adjusted the labeling to reflect the 4350 low in the ES and 15609 in the NQ as being the completion points for Minor wave 1 — this suggests that both markets are moving higher in Minor 2nd waves. Resistance levels for the NQ come in at 15164.50, 15336 and 15507. In the ES resistance comes in at 4459, 4482, and 4527 — I will update the moves on tonight’s update — Thanks — Michael Filighera Both the ES and NQ appear to have likely completed wave ‘a’ of Minor 2nd waves. I review the day and update Fibonacci retracements for “b” waves and also the Fibonacci retracements for Minor 2nd waves. Wednesday pre market @9:45 AM EDT – S&P flash U.S. Services PMI and S&P flash U.S. Manufacturing PMI, @10 AM EDT New Home Sales After the market close – NVDA earnings