What's going on moon gang, i hope you're having a great day. My name is matt, and in this video i will be doing a technical breakdown of both the s p, 500 and nasdaq 100.. I thought this would be useful because the upcoming trading week will be a big one. Microsoft and amd are reporting on tuesday, boeing and ge are reporting on wednesday and shopify apple, amazon and facebook are all reporting on thursday, and on top of that, the u.s presidential election will be the next week on tuesday november 3rd.

But before i get into all that, if you're new to the channel don't forget to join the moon gang by hitting the subscribe button, i'm attempting to hit 5 000 subscribers by the end of this year and your help with that would be truly appreciated. Also, if you enjoyed this type of content, it would be great if you could drop a like, because it really helps with getting this video in front of other people who may be interested and now with that out of the way, let's get started, the s p. 500 is an index made up of 500 of the largest companies based in the us, and it's tracked by the etf spy at the time that i'm making this video it's trading just below three hundred and forty six dollars over the past month. It's up seven percent.

Over the past three months, it's also up seven percent and over the past six months, it's up twenty percent. As you can see from the chart since october 12th, the market has been selling off in a minor fashion and the bulls and bears are currently battling it out at the support of 342. This is a pretty important area of supply and demand, because in early september it served as resistance pretty much for a full week and over the past trading week, it's now served as support based on the most recent close. This support would be a decline of almost one percent and if the bulls can't hold that the next support would be a decline of four percent.

But on the flip side, if the bull camp continues to show strength and can make the market bounce from here, the first resistance i would pay attention to - would be the recent previous high at 354, which would be a gain of 2.4 percent. And then, after that, we have the all-time high, which would be a gain of 3.8. At this point, i usually like to give my opinion on where i see things going next, but honestly, i could see this breaking either way. Let's start with scenario number one the bear case.

This could very well be a classic a b c d pattern, which would mean we would have lower highs and lower lows from a technical perspective. This is definitely bearish, but keep in mind for this scenario to become a reality. The bears would have to push the overall market through three separate supports. On the other hand, scenario number two would be the bull case if the bull camp gets their act together and follows through with this general upward trend, we could have a different abcd pattern.

This low at 320 dollars could very well be a which would make the recent high b a bounce off of this support, or this support would be c and then d would be a new all-time high. Now that i'm really thinking about it, i suppose i slightly favor scenario number two, the bull case, because the overall trend is still upward. I want to clarify that i said slightly favor and that's because there are some major market moving events coming up. There's a handful of key earnings announcements, there's talks surrounding the stimulus package and, of course, the us presidential election, depending on how all of those go, the current trend could be reinforced or there could be an overall reversal, which is exactly why i would recommend playing from Level to level in this volatile environment now, let's switch gears to the nasdaq 100.

This index is tracked by the etf qqq and it's made up of 100 different companies, most of which are technology based over the past month. It's up seven percent. Over the past three months, it's up nine percent and over the past six months, it's up 32 percent. Over the past couple years, this index has become wildly popular and that's because technology stocks have been on an incredible tear in a general sense, the queues are similar to the spy, but there are some key differences, which explains why the chart looks slightly different for many Months, the nasdaq 100 was trading in this bear flag and then around late august the market got overzealous and it actually broke upward and then abruptly came down and sliced through both of these trend lines and was able to bounce off of 260..

From that point, there was a solid rally and the queues almost got back up into this upward channel, but the bull camp couldn't hold it. As things currently stand, we are six percent off of the all-time high. There are currently many similarities between the s p and nasdaq. For instance, this could be a bearish scenario with the abcd pattern, or it could be a bullish scenario with the a starting here and a bounce coming soon, because some massive technology companies, including apple amazon and facebook, all have their earnings announcements this week, i'm expecting the Battle at 282 to be decided by the success of those reports.

In other words, if the market likes what those technology titans have to say, there's a good chance, we'll be saying hello to the previous high of 297, but on the other hand, if they fall flat, we might be falling to between 273 and 269. Keep in mind, though, moving forward, i would recommend trading with extreme caution. You never know when there's going to be an update regarding the stimulus package and, of course, there could always be volatility prompted by the election. Obviously, though, these are my own opinions and i'm not a financial advisor, so please do your own research because, after all, it is your money.

I would love to know your thoughts on where you see the market heading over the next two weeks. Let me know in a comment below, if you made it to this point in the video. I truly appreciate your support. The name of the charting software i use is called tradingview and there's a link to a free 30-day trial in the description of this video.

If you enjoyed this video - and you want to support my efforts in making more there's a few things, you could do to help me out, you could drop a like leave a comment and join the moon gang by hitting the subscribe button thanks for watching and until Next time best of luck in the markets, you.