Elliott Wave analysis of NASDAQ tech stocks
As markets have moved lower, we are adjusting our analysis to reflect the next logical and practical step for the S&P 500, NASDAQ, and major tech stocks. We will elevate the degree of Intermediate Wave (4) to Primary Wave (4) and look for patterns that align with the retracement and market support levels at this degree.
Market outlook and wave analysis
There is more downside expected, though it is not extensive, over the upcoming trading sessions. We'll be closely monitoring the speed, volume, and pattern of this final leg lower.
Key stocks to watch
All major tech stocks, including Apple (AAPL), Amazon (AMZN), Nvidia (NVDA), Meta Platforms (META), Netflix (NFLX), Alphabet (GOOGL), Microsoft (MSFT), and Tesla (TSLA), are anticipated to edge lower, with some experiencing more significant declines than others over the next two or three trading sessions.
Video chapters:
00:00 NASDAQ 100 (NDX) & SP500 (SPX)
11:19 Apple (AAPL)
13:38 Amazon (AMZN)
16:00 NVIDIA (NVDA)
17:24 Meta Platforms (META)
18:46 Netflix (NFLX)
19:12 Alphabet (GOOGL)
20:31 Microsoft MSFT
21:03 Tesla (TSLA)
23:43 Bitcoin, Ether, Solana
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 trims losses to retake 0.6500 after upbeat China's Caixin Services PMI
AUD/USD is recovering losses to retake 0.6500 in the Asian session on Monday. The pair finds fresh demand from upbeat China's Caixin Services PMI for July, which outweighs rife Middle East geopolitical tensions and US economic woes. Focus shifts to US ISM PMI.
USD/JPY remains deep in the red near 145.00 amid intense risk aversion
USD/JPY remains under heavy selling pressure near 145.00 in Asian trading on Monday, extending Friday's slump. Mounting US recession fears and escalating Middle East conflict dent risk appetite, adding extra legs to the safe-haven Japanese Yen's upsurge. US ISM Services PMI is next on tap.
Gold struggles below $2,450 despite looming Mid-East geopolitical risks
Gold price is on the back foot below $2,450 early Monday during the early Asian session. Gold price is unable to capitalize on rising expectations of a 50 bps Fed rate-cut in September and the risk-off mood amid escalating geopolitical tensions in the Middle East.
Solana and meme coins bleed after whistleblower alleges hidden FTX wallets hold 8% of SOL supply
Solana and meme coins based on the Ethereum-alternative chain have suffered a steep correction in the past week. SOL wiped out nearly 25% of its value in the past seven days and dipped to a low of $140.
Week ahead: RBA and BoJ summary of opinions take center stage
RBA decides on policy as hike bets disappear. BoJ Summary of Opinions awaited for more hike hints. After Fed, Dollar turns to ISM non-manufacturing PMI. New Zealand and Canada jobs data also on tap.