Nasdaq 100 Elliott Wave Weekly Update - Sunday, May 9

By Michael Filighera of Logical Signals

Technical Analyst & Trader • May 10, 2026 at 4:00 AM EDT

High market concentration poses risks as Micron, AMD, and Intel recently accounted for 41% of Nasdaq 100 gains.

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Source: DepositPhotos

In this week's podcast, I begin the weekly update for the Nasdaq 100 (QQQ) on May 9th by discussing the significant market performance on Friday. I highlighted that three stocks—Micron (MU), Advanced Micro (AMD), and Intel (INTC)—contributed 41% to Friday's market moves, with potential for that percentage to reach 51% if additional major stocks like Apple (AAPL) were included. I expressed concern about the concentration of market control in just 10-12 major stocks, warning that if these stocks cannot maintain their weight, the market could decline rapidly. I discussed the performance of three stocks - Micron, Advanced Micro, and Intel - which together contributed 41% to Friday's market moves. I noted that if additional stocks like Tesla (TSLA), Broadcom (AVGO), or Apple were included, the contribution would increase to 45%, 49%, or 51%, respectively. I expressed concern that if the top 10-12 stocks cannot maintain their current weight, the overall market could decline significantly.

Video Length: 00:42:05

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STOCKS IN THIS ARTICLE

AMD AMZN DJI GOOGL INTC META MSFT MU NDX NVDA QQQ SMH SOXL SOXX SPX WMT

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