September 5, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/05/2023 by Michael Filighera

Tuesday’s trade was for the most part a sideways consolidation day in both the ES and NQ. The NQ did catch a stronger bid mid morning as what I believe was 401 (k) and IRA money coming into the markets and seemingly getting the majority of it placed into AI and tech stocks. There aren’t any changes to the bigger picture, but I have made an adjustment to the NQ labeling. The adjustment doesn’t change the Minor 2nd wave but does extend the upside resistance targets a bit higher. Wednesday pre market @8:30 AM EDT US Trade Deficit, @9:45 AM EDT S&P Final US Services PMI, @10 AM EDT ISM services and @2 PM EDT FED Beige Book.