Elliott Wave analysis: SP500, Nasdaq, and tech stocks [Video]
|Market Outlook Summary:
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Indices Expectation: The S&P 500 and Nasdaq are anticipated to rise in the upcoming Monday trading session. Key resistance levels are identified at 6,000 for the S&P 500 and 21,000 for the Nasdaq.
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Impact of Thanksgiving Holidays: The upcoming U.S. Thanksgiving holidays are expected to result in lower trading volumes. This decrease in activity may amplify the importance of the aforementioned resistance levels. A breakthrough above these levels could signify the formation of a Classic TradingLevels pattern, marking significant new highs.
Elliott Wave Analysis for Major Tech Stocks:
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S&P 500 (SPX): Currently in Wave c) of B of (A) of 4), suggesting a bullish move within a larger corrective phase.
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NASDAQ 100 (NDX): Mirrors SPX, also in Wave c) of B of (A) of 4).
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Apple (AAPL): Progressing through Wave c) of B of (2), indicating continued upward momentum.
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Amazon (AMZN): In Wave iv) of C of (4), potentially entering a consolidation phase before resuming its trend.
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NVIDIA (NVDA): Experiencing an ABC correction, implying a temporary pullback in its price action.
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Meta Platforms (META): Moving through Wave (4), suggesting a corrective phase in its trend.
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Netflix (NFLX): Approaching the top of Wave 3; it's advisable to take profit above 900 as it nears this peak.
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Alphabet (GOOGL): In Wave C of (2) or possibly part of a larger Wave 4, indicating a corrective movement.
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Microsoft (MSFT): Tracking two possible wave counts with no immediate trade setup anticipated.
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Tesla (TSLA): Advancing in Wave (v) of iii) of 5, signaling it is heading higher.
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Bitcoin (BTC): Expected to begin more wave four corrections, indicating potential volatility ahead.
Conclusion:
The market shows signs of upward movement for major indices and certain tech stocks, with key resistance levels to watch closely due to expected lower trading volumes during the Thanksgiving holidays. Investors should monitor these levels for potential breakout opportunities and be cautious of corrective patterns indicated by Elliott Wave analysis.
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