Stock Market Report: Analyzing NASDAQ Stocks - Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms, Netflix (NFLX), Alphabet (GOOGL).
The stock market has been witnessing notable trends in the NASDAQ stocks, with Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms, Netflix (NFLX), and Alphabet (GOOGL) drawing significant attention from investors. As of the latest analysis, the overall market sentiment appears to be favorable, with monthly, weekly, and daily trends all indicating bullish patterns.
Investors keen on intraday trading should note that some of these stocks still exhibit corrective patterns during specific trading hours. However, it is important to highlight that these corrective patterns seem to be transient, as they are expected to resolve themselves before the end of the current trading week. For traders who might have found themselves in unfavorable positions, there is an optimistic outlook that their trades will turn profitable as the week progresses.
Video chapters
00:00 NASDAQ 100 / SP 500
05:45 Apple (AAPL)
13:08 Amazon (AMZN)
23:53 NVIDIA (NVDA)
25:48 Meta Platforms (META)
27:33 Netflix (NFLX)
29:00 Alphabet (GOOGL)
30:35 Microsoft MSFT
32:35 Tesla (TSLA)
Applying the Elliott Wave Analysis to this scenario, it is evident that the market is currently undergoing a corrective wave four pattern. Among the selected stocks, some have already completed this corrective pattern, while others are yet to do so. The completion of these patterns holds significance as it can offer valuable insights into potential future price movements and trading opportunities.
For Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Meta Platforms, Netflix (NFLX), and Alphabet (GOOGL) shareholders and traders, a prudent approach would be to keep a close eye on the completion of the corrective wave four pattern. Once confirmed, this information can help in devising effective trading strategies and making well-informed decisions.
As always, it is essential to consider other technical indicators, market news, and overall economic conditions when making trading decisions. The stock market is known for its dynamism, and even though the current outlook seems promising, unforeseen events could impact the market sentiment. Therefore, staying updated with relevant information and employing risk management practices will remain crucial in navigating the ever-changing financial landscape.
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
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.