Nasdaq 100 Elliott Wave Weekly Update - Friday, July 10

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Jul 11, 2026 at 1:30 AM EDT

Nasdaq 100 momentum faces resistance at 30762 and 31321, testing Elliott Wave patterns driven by AI stocks.

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Source: DepositPhotos

In this week's update, I discuss two potential Elliott wave counts and their implications for market direction. I analyzed both the cash market and futures market, presenting alternative scenarios for the current rally, including the possibility of a diagonal pattern for wave one and a potential position shift that could change the "buy the dip" dynamic.

I examined correlation data between implied volatility in the S&P 500 and its components, noting that when the correlation remains below 8, markets tend to experience more spasmodic selling rather than steady declines.

I identified key resistance levels at 30762 in the cash market and 31321 in the futures market, while noting that semiconductors and AI stocks continue to drive the Nasdaq's upside momentum.

I concluded by discussing upcoming events, including bank earnings, CPI data, and the monthly options expiration, suggesting these could potentially trigger a major market shift if the current correlation patterns change.

Video Length: 00:35:34

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STOCKS IN THIS ARTICLE

AAT AMAT AMD AVGO INTC LRCX MRVL MSFT MU NDX QQQ SNDK SPX

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