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In this comprehensive video, I provide an Elliott Wave weekly update for the S&P 500, discussing the current market structure and potential future movements. I analyze various timeframes, from the grand super cycle down to the minute wave level, and highlight the importance of the 6800 support level in the SPX.
I attribute recent market volatility to options expiration and year-end rebalancing by fund managers rather than macroeconomic factors. I note that algorithms still suggest a 60%-70% probability of the market finishing higher by year-end, though there's also a 20% chance of a significant decline.
I also discuss the difference between cash and futures markets, and the impact of gamma levels and volatility triggers on market movements. I conclude by presenting multiple scenarios for the market's near-term direction and mention that the next update would be on Monday.
00:49:24
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