S&P on EDGE! Breakout or Collapse? Both Cases Explained | Elliott Wave S&P500 VIX Technical Analysis

This week, Rob's Elliott Wave analysis for stock, crypto, and option traders covers key market movements, focusing on the S&P 500, Dow Jones, NASDAQ, and key sectors like tech and small-cap stocks. He starts by examining the potential impact of upcoming rate cuts indicated by the Federal Reserve and evaluates how the S&P 500 is positioned near critical resistance levels. Rob discusses the Dow's recent breakout above its July highs and how it differs from the S&P 500's pattern. In the NASDAQ, he explores the possibility of a bearish zigzag formation developing. Rob also reviews signals in the Russell 1000 Value ETF, signaling market rotation. He concludes with insights into Bitcoin, Ethereum, and key stocks like Nvidia and Tesla, focusing on potential breakout scenarios and the broader macroeconomic environment.

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:: Sections in this Video ::
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00:00 - Introduction
00:45 - Economic News
02:28 - SPY
04:10 - DIA
06:05 - IWD
07:15 - QQQ
08:56 - TNX
12:40 - US Dollar
13:23 - TLT
13:57 - VIX
14:39 - Bitcoin
15:38 - Ethereum
16:15 - USO
17:18 - NVDA
20:46 - GLD
21:49 - SLV
23:10 - TSLA
24:30 - SMCI

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In this week’s video, Rob Roy provides an extensive Elliott Wave analysis of major markets and specific sectors, focusing on how current economic indicators and Federal Reserve policies are influencing market behavior. He begins by discussing recent economic news, including Fed Chair Jerome Powell's comments suggesting a shift towards rate cuts. Rob outlines how the potential 25 basis point rate cut in September might affect different asset classes.

Next, Rob shifts to the Dow Jones (DIA), highlighting its breakout above July highs and discussing the implications of this divergence from the S&P 500. He explains how the Dow's breakout is backed by strong directional movement indicators, unlike the S&P 500, which lacks momentum despite recent gains.

On the NASDAQ (QQQ), Rob identifies a potential bearish zigzag pattern and emphasizes the importance of the 50-day moving average in determining the next move. If the index breaks below this key level, it could signal the continuation of a downward wave.

In the sector analysis, Rob highlights a new signal in the Russell 1000 Value ETF (IWD), indicating a market rotation from growth to value stocks. He sees this as a sign of broader market trends where different sectors and styles are beginning to participate after a period dominated by the "MAG 7" tech giants. Moving to the bond market, Rob analyzes the symmetrical triangle pattern forming in the 10-year Treasury yield (TNX), which could signal a significant move in either direction depending on upcoming economic data.

Rob also dives into cryptocurrency, discussing the symmetrical triangles forming in both Bitcoin and Ethereum. He provides insights into potential breakout scenarios for both digital assets and emphasizes the importance of the $60,000 level for Bitcoin. He also reviews stocks like Nvidia (NVDA), Tesla (TSLA), and SMCI, focusing on earnings results, technical patterns, and potential trading strategies.

Finally, Rob touches on precious metals, analyzing patterns in gold (GLD) and silver (SLV). He points out the multiple triangles in gold's chart and the potential implications for traders. Overall, this week's video provides a detailed breakdown of major markets, integrating Elliott Wave theory with macroeconomic factors to guide traders in making informed decisions.

[Elliott]

Most people don't understand that technical analysis is based on projections and working with the probabilities in your favor, it's not a crystal ball like many say, it's about making projections on possible bullish or bearish scenarios, so that you can make a good strategy, such as your entry point, your stop loss and your target. This is what technical analysis, like. Now many, don't take them seriously, I've also made fun of it a lot when I didn't understand absolutely anything and didn't even try to understand...currently I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[DaveCulbertson]

I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Katherine Storch for helping me achieve this .

[Regia-omed]

I Hit 113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.

[DomeStaley]

Thanks Rob, Missed you guys last weekend! Enjoy the holiday weekend.

[JohnWilliams-cdys]

How does this trading /investing stuff work? I'm really interested but I just don't know how to go about it. I heard people really make it huge trading.

[mauwdeemauwdee]

You guys deserve more subscribers always giving alpha.

[sujidon]

Excellent analysis as usual Rob! 25:44

[brianthompson]

Another great video this week. Appreciate your insight. Enjoy your long weekend

[HB-itof]

Best analysis on the internet ! Thanks

[brightdevices]

Very clear and concise presentation. Thanks as always for you insights

[investmentmadeeasier]

Thx Rob, that knits together higher bond yield, dollar bounce with correction in the precious metals

[pxp]

Fantastic recap and insights as always! Thank you Rob!

[options]

Missed you last week! Thanks for the incredible analysis and outlook. September should be FUN.

[meetoo]

Any insight into CELH or WBA from an Elliot wave? They are both down considerably. Thank you.

[Irina-rjtg]

Thank You, Rob, very interesting! Have a nice weekend!

[Lights_Darks]

Thanks, Rob. Good call on how to play NVDA. Have a great 3–day weekend!

[hdevrede]

Thx Rob. TSLA is in an even bigger descending triangle ending around 10/10 (robotaxi event)

[Joiningthedots-ersg]

Thanks Rob you are a great teacher, your knowledge of Elliott Wave is amazing. As this is the last day of the month I am going to have a cheeky Cocktail 🍸 to celebrate what I have learnt this month. A Rob Roy cocktail 🍹, cheers

[yuanyao]

Thanks so much for your sharing and great analysis! Have a great long weekend!

[fluffylolita]

Your chart analysis helps me to sort out the complexities, a bit at a time.