Thursday’s trade was more of a “summer doldrums” day with a touch of pre-holiday trade mixed in. Markets remained thin under lighter volumes. There isn’t much to add to current analysis. Both the ES and NQ did end up initially moving higher with the NQ reaching resistance and the ES getting stuck in between. The EW counts remain unchanged and although if push came to shove it is possible to say the minute C waves and in turn the Minor 2nd waves are complete — but without the additional confirmation of an initial 5 waves down on the hourly charts – I will always leave open the potential for additional upside reaching resistance levels more associated with an end move. Tomorrow pre market @8:30 AM EDT U.S. Non-Farm Payrolls and U.S. unemployment rate. @9:45 AM EDT S&P Manufacturing PMI (final). @10 AM EDT ISM Manufacturing and Construction Spending.
August 31, 2023