Hey what's going on everyone, i hope you had a great day, i'm matt and i'm here to give you a quick stock market update specifically in this video i will be covering the s: p, 500, boeing and facebook. If you're interested in this type of content subscribe to the channel, i plan on continually putting out videos related to the stock market, don't forget to turn on your notifications, so you don't miss any of the updates on the screen. Now are all the support and resistance levels, plus two different trend line, wedges that were defined in yesterday's video. As a quick reminder, all these levels are for the s p, 500 futures contract, which is closely correlated to spx, but they do differ slightly before we jump into a smaller time frame.

I want to call your attention to this particular trend line. A bearish move below this line would most likely bring the market to at least 2965, but a bullish hold of this line could prompt a retracement all the way up to this other trend line around the 3100 area. Let's take a quick look at how all of this appears on the 30 minute time frame. As you can see, when the globex market opened at 6 pm eastern last night, we actually opened below that trend line.

It wasn't too long after that that we had a strong push upward, a re-test of the trend line and then to drift upward during the first global session when the u.s market opened. We had a brief plunge, but after that the bulls were in control all day. As i mentioned before, the spx is highly correlated, but the levels aren't exactly the same as you can see on this 30 minute chart we're actually still below an important daily trend line. Let's check out the daily chart to see how things are fitting in on the larger picture.

This is the trend line i was just referring to. As you can see, the training session ended just below it. I personally believe this region will be a point of contention for the bears and the bulls. If the bulls push above this line, we could see a run up all the way to 3150, which means we could see a climb of roughly 3 on the flip side.

If the bears are able to hold this trend line and push the market down, we could actually see a decline of 3 percent to the 2960 area. Let me quickly go back to the futures chart. I think this graph does a great job of showing, where we truly are. As you can see, we're right in the middle of the wedge, we could go up and test this.

We could come back to this line honestly. I could see the market breaking either way. It just depends what side of the wedge we break through first. I know many people are against this bullish case, citing certain economic news, such as nearly half the u.s population, is without a job or even jay pal himself, stating that the recovery is extraordinarily uncertain.

I want to remind you of two things: one is that the stock market and the economy aren't the exact same thing. They are highly correlated, but the stock market is much more future. Looking and second there's a reason they have the saying to not fight the fed. It's really tough to go against billions of dollars being poured into the market.

I personally believe that the market will go lower, but i do understand both sides of the argument. I did find it surprising that the dow had a 580 point gain today. Much of that upward movement was because of the 14 gain in boeing. It was announced that the 737 max certification flight test would soon be underway.

Obviously, this was well received by the market if you're, bullish or even bearish on boeing, the next technical levels, you should be paying attention to are right around 198 and 208. On the flip side of that, i would be watching 167.. I don't have a strong opinion either way. I think the best thing to do would be to trade it in between these levels.

Another big mover in the market today was facebook. Let me zoom out really quickly, so you can see this full trend line when the market opened. Today, facebook was down just under three percent. This was because many companies decided to no longer advertise on the platform throughout the day.

It actually went through a five percent rally and ended the day, a positive two percent from the previous close. I definitely find it interesting that the gap down was below the trend line, but then, by the time, the stock market closed for the day the stock was trading above the trend line. To me, this was a very bullish move and if the stock can hold this trend line, that is definitely some bullish sentiment. This could potentially set up a re-test of the 241 area on the flip side.

If the stock fails at that trend line, i don't think it's out of the question to go back and test the 200 area. Those are the technical levels, i'll personally be watching on the s: p, 500, boeing and facebook. Let me know if you agree or disagree if you enjoyed this video, let me know by hitting the like button, if you're interested in this type of content subscribe to the channel, thanks for watching and best of luck in the markets, you.