Elliott Wave Market Update – Nasdaq 100, Semiconductors, Treasuries & More!
By Bennett Tindle September 5, 2021
Hey there traders and investors! Bennett here, checking in following what has been a rather slow past couple of months (at least in terms of price action!). The Nasdaq 100 spent the majority of July and August sideways, and just recently staged a breakout from its August 19th low. If you follow our TA Live show on Wednesdays, you’ll know we were tracking a corrective structure and anticipating the reversal higher in all indexes. Our Russell 2000 and Nasdaq 100 zones held perfectly, while our S&P 500 zone did briefly fail but ultimately was reclaimed. In terms of upside targets, our primary focus was on the Nasdaq 100, looking for a breakout towards 15,500 – 15,700. This price level included a major Fibonacci resistance cluster as well as a key uptrend resistance line. This is a zone we feel could still present resistance, and possibly even set us up for a larger corrective pullback. With that in mind however, our alternate interpretation of price action says that zone is non-existent, and instead we have a significant move ahead of us into the remainder of September. What’s interesting is, my 2021 primary SPX (S&P 500) resistance level came in at 4385. That price point was met on July 14th when the SPX topped at 4393.68, just 8.68 points above my objective. It did result in a swift -3.6% decline in the index, but we have since surpassed that level and moved to new highs. So, if we break the Fibonacci and upside trendline resistance in the Nasdaq 100, I’d happily begin shifting focus to my alternate NDX count, which says 16,000 is just around the corner! Tune in as I take you through the markets, highlighting the signs I’ll be watching for to substantiate the larger more bullish breakout. I’ll be back on Tuesday September 7th to discuss the short-term outlook in the markets, so be sure to subscribe to our TradingAnalysis.com YouTube channel to stay up to date!