What's going on my fellow stock market gamblers, i hope you're having a great day, i'm matt, and in this video i will be giving you another technical analysis update. So you have a better idea of what levels to be watching for in both the short and medium term. If you're interested in supporting this channel, the best thing you could do is share this video with a friend. It would also help if you could smash the like button.

Of course, if you enjoy this type of content subscribe to the channel and don't forget to turn on your notifications, so you don't miss any of the timely updates. It would be a huge help to me if you could comment your thoughts below on how i could improve this channel anything from the content to the style or whatever you could think of just let me know i really do want to make this a high quality Experience for you guys my audience alrighty then, before we dive into the technical breakdown. There are a few things. You should be aware of.

Here's the economic announcement calendar for the upcoming week. The main thing i will be paying attention to is the jobless claims report, which is released at 8 30 in the morning on thursday. For those of you interested here's, the fed's upcoming buying schedule, as you can see, both the 21st and 24th have a relatively large purchase size. On top of all that, there are some key earnings reports coming out.

July 22nd will be big for the airline industry, okey dokey, here's the daily chart for the s p 500, since the high in february. The spy is down a mere 4.8 percent since the start of july. The market is up a nice four percent which isn't completely unexpected, because july does typically favor the bulls. Today's close marks, the fourth close on top of this primary wedge structure, which is bullish, but the market is running into resistance at the previous high from june.

At 3, 23., if the bulls can push the market above this, i would then be paying attention to this gap phil from late february. If the bull camp can push through this untested area with ease that would set up a test of the all-time high at 3. 39, of course, if the bears can't defend this line of resistance, it's clear skies above, but if the market is rejected at this first resistance line, i would be looking to see if support could be found at either of these top two trend lines. If the bears pushed the market below this region, i would then be looking at 312, which would align with this bottom trend line.

If this primary wedge structure were to break down which would be bearish, there is quite a bit of demand between 308 and 306. If the market doesn't catch itself in this region, that would then set up the high 290s. To me, this chart does favor the bulls, but i do find it interesting that this 323 resistance has been rejected on four separate occasions. If the bull camp can't get over.

This hump there is a decent chance we revisit somewhere between 312 and 300, to get a better idea of what to look for in the short term. Here's the two hour chart. These blue lines represent the same wedge and here's the first main support and resistance. This chart does a good job at showing you how we're currently caught in a small bear flag.

These do commonly break downward, which could set up a test of either of these trend lines from the most recent close. The first trend line would be a decline of half a percent. The next one would be 1.25 percent and 312 would be a drop of just under 3 percent. However, if this market continues with its bullish momentum, the first resistance would be a gain of 0.6 percent and beyond that we would see the gap fill and then the all-time high at 339..

This is the main index. I pay attention to to better understand. What's going on in the overall market, but let's take a look at the golden child: the nasdaq 100! Since the previous high in february, the qs have managed to gain just under 10 since the start of july. The nasdaq is up 4.75, as you can see.

Since late april, we've been caught in this dual bear flag after posting a new all-time high. Earlier this week, we have now broken down into this bottom channel in terms of resistance, i would be paying attention to this middle and top trend line depending on, if and when we get there either of these could align with the previous high of 269.79 if the Queues are rejected at any of these levels. The first support would be just below 253.. Keep in mind.

This bottom trendline could always come into play and below that i would be watching 248. if there is some serious bearish strength which i don't think will be happening anytime soon, i would watch 237. These are the levels i will be watching for my medium term trades, but let's check out the two hour chart to understand. What's going on in the short term, here is the all-time high, which will now serve as resistance and here's the weekly low.

If the bull camp doesn't keep the nasdaq in this channel, my first target would be 237 from the most recent close. The first support would be a drop of two and a half percent. The bottom trend line would be a decline of four percent, and the first support outside of the channel would be a drop of eight and a half percent. On the flip side, if you favor tech stocks going to the moon, the first resistance would be a gain of one percent.

The next one would be three percent, and the all-time high is four percent away. Anything above this would be a new high, which means it's untested territory in both the short and medium term. I do side with the bulls and that won't change until the market is pushed below this bare flag. Now, we've covered the s, p, 500 and nasdaq 100.

Let's switch gears to the russell 2000, this index, which tracks small cap stocks, is lagging behind the other two indices and is down just over 13 percent since its high in february. But since the start of july, iwm is up 3.4 percent. Today's close marks its third close back in this wedge structure, which was previously broken in a bearish fashion. The gap up earlier this week was a bullish move, but since then, we've been consolidating, i could honestly see this breaking either way.

If we get above this top trend line, i would then be looking for 153. If we break below this wedge again, the first support would be at 141, which has proven to be an area of high demand. If the bulls give this up, i would then be watching for the low of july at 137, because this index has been underperforming, the first two. If we get above this wedge, i would expect strong bullish momentum in all three indices, but if iwm breaks downward and really declines, it could drag the other two with it.

To put it simply, i would be patiently waiting for the russell 2000 to break one way or the other. Here's how things look on the more granular two-hour chart this chart allows us to easily see how we've been range bound since mid-june. We can also see that the bulls will have to overcome this gap in order to test the recent high at 153 from the most recent close, the first resistance of the upper end of this range and the top trend line would be a gain of 1. The gap would be a gain of just under 4, and the recent high would be a gain of 4.7 percent on the flip side, if the bottom trend line is broken, the area of demand at 142 would be a decline of just over three percent: the monthly Low would be a drop of six percent and the bottom of the range would be a decline of just over seven percent.

As i said before, i could honestly see the russell 2000 breaking either way and i don't plan on making any trades until it does. So. Let me quickly cover two tools i use to get a better idea of what's going on in the market. This is the vix daily chart which tracks volatility, the vix and the s p 500, commonly move in an inverse manner.

In other words, as the market was falling in march, the vix was shooting up and on the flip side, as the market's been rallying, the vix has been dying off. If the vix breaks below 24.9 and 23.5, you could expect the market to continue its journey upward, but if we bounce off of these levels we could see a return to 33.7 and 36.9, which would be accompanied by a decline in the overall markets. To me, it looks like the vix has been making lower highs since mid-june and is currently showing some serious weakness. Of course it could bounce at any time, especially with the current state of our economy, but until we see that bounce i will be bullish on the overall market.

You could also use dxy which tracks the us dollar versus a basket of other currencies similar to the vix dxy and the overall markets commonly move in an inverse manner. If you see an uptick in this chart, especially one with high velocity, like we saw in march, you can expect a decline in equities, i'm pointing this out now, because we are coming up on a previous support. If the dollar craters threw this support, i would expect the three major indices to continue with their bullish strength. But if we bounce off of this support and return to previous resistance levels, the markets could show some weakness.

These are all the levels and related metrics. I will be paying attention to in the short and medium term if you enjoyed the video. Let me know by hitting the like button, if you enjoy this type of content subscribe to the channel and don't forget to turn on your notifications thanks for watching and as always best of luck in the markets, you.