NASDAQ 100 & S&P 500 / Daily Technical Update 5/23/2024 by Michael Filighera

Both the NQ and the ES reached new ATH's on the opening today with those highs being the completion points for the current 3rd waves within the ongoing sequences up. The sell off the ensued I am tracking as the expected 4th waves with the ongoing 5 waves up sequences. I updated the labeling and also updated the Fibonacci levels. I also lay out the areas where I would be looking for the current corrective 4th waves to finish up. Into next week I would still be expecting additional highs followed by additional declines and yes, additional larger 5th waves up to complete the longer-term patterns.
Friday pre market @8:30 AM EDT Durable Goods Orders and @10 AM EDT Consumer Sentiment (May final).
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Michael Filighera of LogicalSignals.com and TradersHelpingTraders.com is an internationally published technical analyst covering the major indices, bonds, currencies, and commodities. Michael’s history with the financial markets dates back to 1979 on the Pacific Stock Exchange Options trading floor. He has traded in the U.S., U.K. (London Traded Options Market), Netherlands (Amsterdam’s European Options Exchange), and Germany (DTB).
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