Nasdaq 100 Elliott Wave Weekly Update - Friday, July 3

Technical Analyst & Trader • Jul 3, 2026 at 10:15 PM EDT

Nasdaq 100 (NDX) volatility surges as semiconductor options trading creates rapid price spikes within an Elliott Wave minute wave 4 structure. Traders should watch key support between 27,611 and 28,045 for potential trend shifts.

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Source: DepositPhotos

In this week's update, I analyzed both the cash index (NDX) and the futures market. I discussed the current market volatility driven by options trading, particularly in semiconductor stocks, which has created intense push-pull movements and rapid price spikes.

I reviewed the long-term chart history of the Nasdaq 100 from its inception in 1985, identifying five waves up to the 2000 peak, followed by a significant crash during the dot-com bust.

I examined the current wave structure, considering whether minute wave 4 might be complete or if further decline is needed, with potential support levels around 27,611-28,045.

I noted that markets would reopen on Sunday with futures trading and options on Monday, emphasizing the importance of monitoring implied volatility indicators and gamma levels for trading decisions.

Video Length: 00:31:36

Disclaimer:

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