Elliott Wave analysis: S&P 500, Nasdaq 100 and top tech stocks [Video]

Peter Mathers TradingLounge

Market outlook

It appears that the recent correction in the SP500, NASDAQ 100, and leading tech stocks may be over. The bullish momentum from last Friday's close is likely to continue into Monday, signaling a potential "risk-on" environment. Meta (META) is leading this rally, while Nvidia (NVDA) is showing a clear Impulse Wave off its recent low. Aside from Microsoft (MSFT), most stocks appear ready for upward trades, with our long position on Netflix (NFLX) already triggered. Bitcoin (BTC) may also have found its wave 2 low, suggesting that long opportunities in cryptocurrency are emerging, which will be covered in our upcoming session video.

Video chapters

00:00 NASDAQ 100 (NDX). SP500 (SPX).
08:21 Apple (AAPL)
09:37 Amazon (AMZN)
10:22 NVIDIA (NVDA)
11:25 Meta Platforms (META)
15:54 Netflix (NFLX)
16:43 Alphabet (GOOGL)
18:03 Microsoft MSFT
19:08 Tesla (TSLA)
20:55 Bitcoin

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.