Stay ahead in the market with our comprehensive Elliott Wave analysis for NASDAQ tech stocks, including the SP500 index and top performers like Amazon (AMZN), Microsoft (MSFT), Meta Platforms (META), and NVIDIA (NVDA). Currently, these leading tech stocks are exhibiting strong ranging patterns within wave V of an impulse wave (1 of 3), positioning them as prime candidates for lucrative long trades once the next setup emerges.
Key insights:
Market conditions: The SP500 and NASDAQ are navigating through Wave V of an Elliott Wave cycle, indicating a potential peak in Wave 1 and a subsequent decline into Wave 2. This shift sets the stage for strategic long trade setups.
Leading tech stocks: AMZN, MSFT, META, and NVDA are showing robust ranging behavior, making them ideal for long trades. These stocks are poised to capitalize on upcoming market movements following key economic events.
Economic catalysts: This week’s Federal Funds Rate decision and FOMC economic projections are critical factors that will influence market direction. Monitoring these events is essential for timing your trades effectively.
Trading strategy:
Our approach integrates Elliott Wave Minor, Minute, and Minuette structures with TradingLevels Classic TradingPatterns (CTLP) to identify optimal long trade setups. By combining these technical analysis tools, we enhance the precision of our trade entries, ensuring you can maximize potential gains in the SP500 and NASDAQ tech sectors.
Why choose this strategy:
Comprehensive analysis: Utilizing multiple Elliott Wave structures provides a detailed understanding of market trends and potential reversals.
Proven patterns: The TradingLevels CTLP offers reliable patterns that have historically led to successful trade outcomes.
Top tech leaders: Focusing on high-performing stocks like AMZN, MSFT, META, and NVDA ensures you’re trading within the most dynamic and responsive segments of the market.
Conclusion:
By leveraging our Elliott Wave Analysis and TradingLevels CTLP strategies, you can effectively navigate the complexities of the SP500 and NASDAQ tech stocks. Prepare for the next wave of market movements by focusing on AMZN, MSFT, META, and NVDA, and capitalize on long trade setups triggered by key economic indicators such as the Federal Funds Rate and FOMC projections.
Video chapters:
00:00 NASDAQ 100 (NDX). SP500 (SPX).
09:37 Apple (AAPL)
11:16 Amazon (AMZN)
12:43 NVIDIA (NVDA)
13:39 Meta Platforms (META)
15:30 Netflix (NFLX)
17:42 Alphabet (GOOGL)
19:10 Microsoft MSFT
20:21 Tesla (TSLA)
21:09 Bitcoin
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD holds above 0.6700, all eyes on Fed rate decision
The AUD/USD pair posts modest gains near 0.6705 during the early Asian session on Monday. The uptick of the pair is supported by the weakness of the US Dollar. However, the concerns about the economic slowdown in China might cap the upside for the China-proxy Australian Dollar.
USD/JPY seems vulnerable near YTD low, around mid-140.00s ahead of Fed/BoJ meetings this week
The USD/JPY pair remains depressed around mid-140.00s during the Asian session on Monday, amid thin trading volumes on the back of a holiday in Japan. However, bearish traders might prefer to wait for this week's key central bank event risks before positioning for any further depreciating move.
Gold holds positive ground above $2,550, focus on Fed rate decision
Gold price gains momentum around $2,580 during the early Asian session on Monday. The precious metal reached a fresh all-time high at $2,586 on Friday amid rising expectations of a significant Federal Reserve rate cut.
Week ahead: Key central banks in focus
This week will be an interesting one for the financial markets. In addition to several tier-1 data, the focus will be on the US Federal Reserve, closely shadowed by the Bank of England and the Bank of Japan.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.