**Midday Elliott Wave Update for April 17, 2024**
As the trading day progresses, the market is providing several important signals that warrant close attention from traders. Here’s a breakdown of the key developments across major indices and specific stocks:
**NASDAQ Update:**
The NASDAQ, which has been under pressure recently, approached the anticipated downside target range of 15,500-15,700. Intraday, the index dipped to around 15,650, aligning closely with the projected ABC target of 15,600 in a zigzag pattern. The index is currently showing signs of a potential reversal, particularly if it can close near the intraday high and form a bullish hammer pattern. Additionally, with the VIX touching 19.22 and RSI readings dropping further, these could be early indications that a bottom is near, possibly even today.
**S&P 500 Update:**
The S&P 500 also approached its downside target of 4950-5000, reaching an intraday low of 5007. This range corresponds to the previous Wave 4, which historically marks the termination point for large Wave 2 corrections. Given the current RSI readings hitting a one-year low, this could signify a significant market event and suggest that today’s low might have marked the bottom for the index.
**SMCI Update:**
Super Micro Computer, Inc. (SMCI) experienced a gap up to 1020 today and is currently undergoing a Wave 2 correction. While the stock managed to hold .618 Fibonacci support, it needs to surpass the 1000 level to set the stage for a Wave 3 continuation. Should SMCI clear this resistance, the upside target would be 1150.
**NVDA Update:**
NVIDIA Corporation (NVDA) is nearing the completion of an intraday zigzag pattern. Given the potential reversal in the NASDAQ, it’s reasonable to expect NVDA to reverse its current trend and potentially move higher into the close.
**Current Positions:**
– **TQQQ:** Holding 500 shares at an average price of 55.07.
– **NVDL:** Holding 500 shares at an average price of 37.20.
**Conclusion:**
The midday Elliott Wave update for April 17 suggests that major indices like the NASDAQ and S&P 500 are approaching key support levels, potentially signaling a market bottom. Meanwhile, specific stocks like SMCI and NVDA are also showing interesting developments that could offer trading opportunities. As always, traders should remain vigilant, closely monitor these key levels, and adjust their strategies accordingly. Given the volatile nature of the market, it’s essential to maintain a disciplined approach to risk management and trade within one’s means.
