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

Peter Mathers TradingLounge

Elliott Wave strategies: SP500 (SPX), NASDAQ 100 (NDX), Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), Alphabet (GOOGL), Bitcoin (BTC).

Corrective patterns with one more high to come for stocks. I also take a look at US Banks as they still have clear pathways higher.

Elliott Wave analysis NASDAQ tech stocks:

SP500 (SPX): Wave (c) of iv)
NASDAQ 100 (NDX) Wave (v) of iii)
Apple (AAPL): Wave 4
Amazon (AMZN): Wave 4
NVIDIA (NVDA): Wave 4
Meta Platforms (META): Wave iv)
Netflix (NFLX): Wave iv)
Alphabet (GOOGL): Wave 4
Microsoft MSFT: Wave 4
Tesla (TSLA): Wave v of (iii) of v) of 3
Bitcoin: (BTC): Wave i) of 3 of (5) of 3)

Financial events

Tuesday: US publishes retail sales data.
Wednesday: The Fed is expected to cut rates a quarter of a point.
Friday: The US reports PCE inflation as well as personal income; deadline for Google to respond to proposed remedies in one of its US antitrust cases.

Video chapters

00:00 SP500 (SPX) + Banks
06:08 NASDAQ 100 (NDX)
10:57 Apple (AAPL)
12:42 Amazon (AMZN)
13:55 NVIDIA (NVDA)
15:29 Meta Platforms (META)
17:48 Netflix (NFLX)
19:11 Alphabet (GOOGL)
21:09 Microsoft MSFT
22:25 Tesla (TSLA)
23:12 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.

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.