Rob kicked off this weeks US Market update, featuring Elliott Wave Analysis for Stock, Crypto and Options Traders, by extended birthday wishes to Chuck Norris! US stocks experienced a downturn, influenced by higher-than-expected PPI reports and lower retail sales. Speculation on rate hikes are causing fluctuations and technical analysis indicates potential market shifts, even volatility ahead. Oil prices surged, impacting consumer spending. Bitcoin stabilized around $68-72k, anticipating volatility ahead of the upcoming halving event. All this and more...
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::Timestamps ::
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00:00 - Intro
00:52 - US Market Overview
02:20 - SPY
03:51 - TNX
04:28 - US Dollar
05:10 - VIX
07:13 - DIA
07:55 - QQQ
08:49 - IWM
09:48 - USO
11:17 - Bitcoin
12:06 - COIN
14:07 - SLV
15:52 - BA
17:42 - TSLA
19:12 - TLT
20:15 - UNG
21:22 - INDA
22:58 - Tradefinder
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In the video, Rob Roy discusses the latest trends in the US stock market, featuring a selection of stocks. He humorously acknowledges comments comparing him to Chuck Norris and wishes Chuck Norris a happy 84th birthday. The focus shifts to market analysis, highlighting a recent downturn influenced by a higher-than-expected Producer Price Index (PPI) report, indicating rising wholesale prices which could squeeze corporate margins if retail prices don't adjust accordingly. This contrasts with a modest increase in the Consumer Price Index (CPI).
The market's reaction also factors in disappointing retail sales and lower-than-expected jobless claims, suggesting continued wage pressure. This has led to a reduction in the likelihood of a June rate hike by the Federal Reserve, as reflected in Fed fund futures. Roy points out a significant move in the S&P 500, which broke below its 10-day moving average, signaling potential market shifts.
He introduces the use of Elliott Wave analysis, supported by software from the Hubb organization, which is currently undergoing live testing for real-time Elliott Wave analysis. Roy underscores the importance of monitoring the market for potential directional changes, especially with the Fed's upcoming meeting and its impact on market sentiment.
In his technical analysis, Roy notes sideways movement in the Dow Jones Industrial Average (DIA) around the 390 level and a potential warning from the recent PPI report. He also examines the NASDAQ (represented by "the cues") and the Russell 2000 Index, noting patterns and movements that suggest caution among investors.
The energy sector, particularly oil, is highlighted as a current area of interest due to breakout patterns suggesting higher prices, which Roy acknowledges could be a concern for consumers, especially given his personal preference for high-consumption vehicles.
Lastly, Roy touches on Bitcoin's recent price stabilization and upcoming events that could influence its value. He concludes with a look at Coinbase, noting its slight deviation from broader market trends on the day of the video.
Throughout the episode, Roy emphasizes the importance of staying informed on market trends and upcoming economic indicators, suggesting that the market is at a pivotal point with potential for significant movements based on upcoming economic data and Federal Reserve decisions.