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Rob's Elliott Wave Analysis for Stocks, Crypto, and Options Traders shows the S&P had a significant week following the FOMC meeting. Although no action was anticipated from the Fed, the market's attention was on their commentary, particularly the affirmation of three anticipated rate cuts this year, which helped soothe market anxieties.
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:: Sections in this Video ::
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00:00 - Introduction
00:57 - FOMC Meeting
01:51 - S&P 500
02:50 - TNX
03:39 - VIX
05:02 - US Dollar
06:09 - DIA
06:41 - QQQ
07:18 - IWM
08:29 - USO
10:38 - COPX
13:08 - SE
14:20 - PYPL
15:33 - TSLA
18:12 - BTC
18:55 - COIN
20:05 - MSTR
20:30 - INDA
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The S&P 500's chart reflects a resumption of a gradual uptrend post-consolidation, with the expectation that any future corrections will likely be mild until the actual rate cuts are implemented. The Fed Funds Futures indicate a diminished probability of a rate cut in June, maintaining market stability for the time being. The analysis also touches upon the 10-year rates, suggesting a potential move into a trading range without significant highs or lows expected in the immediate future.
The VIX, or volatility index, is discussed in the context of its recent breakout from a previously established channel, raising questions about future market volatility levels. The dollar's position is also analyzed, with Rob noting its stabilization and questioning the global financial community's apparent lack of concern over the U.S.'s growing debt.
The video then transitions to specific stock and asset analyses, beginning with the Dow Jones Industrial Average and the QQQ ETF, both continuing in their third Elliott Wave phases. The Russell 2000 Index is highlighted for its unique behavior, often diverging from broader market trends and currently oscillating within a defined range.
Rob delves into the commodities market, specifically oil, observing a slight uptrend in prices, which he correlates with visible increases in travel and economic activity, despite overarching concerns of an economic slowdown. The discussion extends to copper and its related equities, with a particular focus on the COPX (Copper Miners ETF), noting a potential sustained interest in metals amid fluctuating interest rates.
Viewer-requested stock analyses include SE (Sea Limited), where a recent gap fill provides a crucial support level, and PayPal, with its resistance challenges and potential for a breakout. Tesla's stock is scrutinized for its critical support levels, with Rob expressing skepticism about the company's immediate growth catalysts amidst a saturated EV market.
The video concludes with Bitcoin's consolidation phase after a significant rally, suggesting potential for another run as the halving event approaches. Coinbase is also mentioned, with its stock showing strength and a possible correlation with Bitcoin's performance. Rob ends the analysis by reiterating the importance of watching key technical levels and the interplay between market news and Elliott Wave patterns, emphasizing the value of informed trading decisions in volatile markets.