Market Analysis: Diminishing Trading Volume Signals Potential Market Top Ahead of Major Earnings Reports

Over the past two months, trading volumes have been declining even as prices for both the S&P 500 (SPX) and the NASDAQ 100 (NDX) have been edging higher. This divergence suggests that a market top may be approaching. With upcoming earnings reports from tech giants like Apple (AAPL), Amazon (AMZN), Meta Platforms (META), and Alphabet (GOOGL), along with the U.S. elections, traders are exercising increased caution.

Elliott Wave Analysis on NASDAQ Tech Stocks

  • S&P 500 (SPX): Anticipating a Wave c) of 4 move lower towards the 5,780–5,750 range.
  • NASDAQ 100 (NDX): Currently in Wave 4.
  • Apple (AAPL): Projected abc correction down for Wave (ii) of v) of 5 of (1). Earnings Date: October 31.
  • Amazon (AMZN): Expecting an abc correction down for Wave (ii), with a possible retest of 185. Earnings Date: October 31.
  • NVIDIA (NVDA): Should maintain support above 135.
  • Meta Platforms (META): In Wave (ii). Earnings Date: October 30.
  • Netflix (NFLX): Anticipated move lower for Wave c) of 4.
  • Alphabet (GOOGL): Watching for support at 165 for potential long positions. Earnings Date: October 29.
  • Microsoft (MSFT): Wave i) projected above 430.
  • Tesla (TSLA): Advisable not to chase the upward move as it's likely in Wave v); consider waiting for a retracement back to the medium level of 250.
  • Bitcoin: Looking for support at 68,000.

As the market approaches key technical levels and major companies prepare to release their earnings reports, traders should remain vigilant. The combination of diminishing trading volume and rising prices may indicate a nearing market top, making risk management more crucial than ever.

Video Chapters
Comprehensive Elliott Wave analysis for major indices: 
00:00 SP 500 (SPX)
06:48 NASDAQ 100 (NDX)
09:36 Russell 2000 (RUT) IWM ETF
10:17 DAX 40 (DAX)
15:23 FTSE 100 UKX (UK100)
16:53 S&P/ASX 200 (XJO)
21:28 End

Analyst Peter Mathers TradingLounge
See previous Video: Elliott Wave Analysis SP500 & More...

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Risk Disclaimer - This is not financial advice.

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