SPX Morning Analysis - Market Analysis for Aug 29th, 2023

Futures are basically flat this morning so as Avi noted all three paths remain in play here this morning.

Support for the yellow wave (2) on the SPX comes in at the 4408-4375 zone and it would take a break below that zone to suggest that we may have topped in with either the green or blue paths. Furthermore, if we are going to see a top in either the green or blue counts we need to start with a five-wave move to the downside, so if we do not see that occur it would be more supportive of this pushing higher.

Overhead resistance remains at the 4449 level and moving through that level would make it less likely that we are going to see an immediate top in either the green wave b or blue wave 2.

SPX 8295 5m
SPX 8295 5m
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.