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Over the past two months, trading volumes for the S&P 500 (SPX) and the NASDAQ 100 (NDX) have been diminishing even as their prices inch upward. This divergence suggests a potential market top is near. With upcoming earnings reports from major tech companies—Apple (AAPL), Amazon (AMZN), Meta Platforms (META), and Alphabet (GOOGL)—and the approaching U.S. elections, traders are exercising increased caution.

Elliott Wave Analysis Highlights:

• S&P 500 (SPX): Anticipated to move lower in Wave c) of 4 towards the 5,780–5,750 range.
• NASDAQ 100 (NDX): Currently in Wave 4, indicating a potential correction.
• Apple (AAPL): Expected to undergo an abc correction down for Wave (ii) of v) of 5 of (1). Earnings Date: October 31.
• Amazon (AMZN): Possible abc correction down for Wave (ii) with a retest of 185. Earnings Date: October 31.
• NVIDIA (NVDA): Should maintain support above 135, signaling strength.
• Meta Platforms (META): In Wave (ii), suggesting a potential pullback. Earnings Date: October 30.
• Netflix (NFLX): Anticipated to move lower for Wave c) of 4.
• Alphabet (GOOGL): Watching for support at 165 as an entry point for long positions. Earnings Date: October 29.
• Microsoft (MSFT): Projected to reach Wave i) above 430, indicating upward momentum.
• Tesla (TSLA): Advisable not to chase the current upward move (Wave v)); consider waiting for a retracement back to the medium level of 250.
• Bitcoin: Looking for support at 68,000, which could serve as the next key level for investors.

As the market approaches critical technical levels and significant earnings reports loom, it's essential for traders to remain vigilant. The combination of declining trading volume and rising prices may signal an approaching market top, making prudent risk management more important than ever.

Video Length: 00:32:46

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