September 22, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/22/2022 by Michael Filighera

Thursday’s trade was seemingly slow to get started by once the schedules were set the ES and NQ perked up and made several profitable moves if you had patience and workable risk management.  Both the ES and NQ bounced higher off of the early Globex lows at 3766 in the ES and 11510 in the NQ.  Again, both markets reached session highs as Europe opened during Globex at 11796 in the NQ and 3832 in the ES.  The U.S. session was held to an “inside day.”

I update the labeling and add additional Fibonacci extensions for the “minute” wave 3 in the NQ. The ES is ahead of the NQ in terms of yesterday’s decline most likely being minute wave 3 of the Minor 3.  It can complicate the picture somewhat, but ultimately, I feel it will be the NQ that catches up to the ES.

Tomorrow is a weekly expiration.  I would expect continued “marking” in the larger tech titans – AAPL, MSFT, TSLA, META, AMZN, GOOGL, NVDA, and AMD.  At these levels both can advance the 3rd waves in process or delay that with an additional pop higher in a countertrend move.  I put some Fibonacci and moving average parameters around an upside move and a continuation to the downside.