Hey what's going on everyone, i hope you're having a great day, i'm matt, and i'm back at it again to give you another technical analysis update on three of the most popular indices, the s p, 500, the nasdaq 100 and the russell 2000. If you're interested in 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 videos. It would be greatly appreciated if you could hit the like button and leave a comment, because the engagement helps with getting this video in front of other people before we dive into the analysis. I want to quickly remind you that at 8, 30 am on july 9th.

The jobless claims report will be released additionally from 10 10 to 10 30. The fed will be continuing with their accommodative operations by purchasing 1.2 billion dollars worth of tips. These two things are worthwhile to know because they do have the potential to impact the market. Awesome.

Now, let's take a look at what's been going on in the markets, so we could get an idea of what might happen next on the screen. Now is the daily chart for the s p. 500. We closed at 316 dollars and 18 cents, which was a gain of 0.76, as you can see, we're still in this primary wedge structure and it looks like the most recent parts have been consolidating, which is typically a sign that a large move is about to come Before we move on to a smaller time frame, so we can get a better idea of what might happen in the short term.

I want to point out that this gap from june 10th has not been filled. This line could serve as resistance, especially now that it's matching up with this top trend line. Alright, let's see what's going on in the two hour chart on this time frame, it does look like this gap was already filled, but that's because it's showing pre and post market trading during normal market hours. This gap has yet to be filled.

When you take that into consideration with the resistance offered by this upper trend line, this 320 to 318 area becomes very important. I do feel confident that the market will test this level in the near future, which would be a gain of just over 0.6 percent from there. The bulls and bears will have to battle it out if the bulls win. The next resistance line is at 323 323.41 from today's close.

That would be a gain of just over two percent, but if the bears win and the market is rejected here, it could return back down to this bottom trend line. If this support doesn't hold, you could watch for a bounce off of today's low but in reality, there's much more support in this 308 to 306 area, depending on how quickly this does or doesn't happen. This region of support could very well align with this bottom trend line from there. If the high 290s don't hold, the market will most likely be in trouble.

This is definitely a big if, but in terms of percentage decline from today's close, the first support would be just around one point: two percent: the next support region would be around three percent, and then this final target for the bears would be a 5.5 percent decline. In the immediate future, i'm waiting for the market to get up to this region, so i can watch it play out and create a game plan from there. So that's what's going on with spy, but let's take a look at the nasdaq 100, which is tracked by the qs. This tech dominant index once again outperformed the s, p 500 and gain 1.32.

Today's close marks its third close above this bare channel. It also looks like it may have created another mini channel. It wasn't able to post a new all-time high today, but a break above this would obviously be bullish and a break below it would be bearish to get a better idea of which way it may break. Let's switch over to the two hour chart.

This time frame does a good job at showing you that the nasdaq 100 rallied and closed and is currently trading higher in post-market hours if it could break through the resistance of the previous all-time high at 260 and 87 cents. I would expect a test of this trend line. If the bulls win this fight, you could expect tech stocks to continue to go to the moon. If the bears win this fight, this previous resistance could become support, but more realistically, i would first be watching 256 dollars and 32 cents from there.

You would need to watch this trendline, which could lead to a gap fill at 252. If both of these supports fail, there is a decent amount of demand between 248 and 247., depending on when and if this scenario plays out, it could end up aligning with this bottom trend line. I don't think this area will be given up by the bulls anytime soon, but a reach target for the bears could be just above 242 dollars. There is a lot of support here from late june, similar to the s p.

500. I think it's more likely that we test this upper trend line before we test this middle trend line. My reasoning is pretty simple: equities have a lot of momentum right now, and the seasonality of july does favor the bulls with that being said, i definitely could be wrong, which is why you should trade from level to level, so the spy was green today and the Queues were even more green. Let's take a look at iwm which tracks the russell 2000, so today's return was very similar to the s p 500, but, as you can see, the chart is telling a different story.

This chart looks nowhere as healthy as it previous to. In fact, it broke below this bottom trendline in a bearish move, but at the end of the day, it was able to rally and close right above the trend line to get a better idea of. What's going on in this time period, let's switch over to the two hour chart here. You could see how the bulls pulled off an impressive move right at the end of the day.

This positive close keeps this overall wedge intact, but now there's a new smaller wedge, which could serve as support and resistance if the market can get above today's high at 142.49. I would expect there to be a lot of fighting between 145 and 146.. This region encapsulates two different resistance lines and one downward trend line. If the bears show a lot of strength and get above that, you could then watch for 147 and then, of course, this upper trend line.

If today's strength isn't followed through on, you should be watching both of these trend lines and today's low just above 139, if bearish sentiment continues to rise. There is support at 136 and 133 overall, i'm pretty neutral on the russell 2000, and i could honestly see it breaking either way. If it were to decline below these two wedges. There is a chance it could drag the other two indices with it.

On the other hand, if it were to show strength, i would expect the qs and the spy to continue their bullish run. Since the last market update, the vix hasn't moved much. It closed down 4.5 today, which was reflected in the overall market being up. It appears to have bounced off a previous support, which became resistance yesterday and resistance again today, as i mentioned before, if this continues downward, the market will go up, but if it ends up rallying the market will decline.

Overall, it appears to me that the market is coiling for a bigger move. I can't guarantee which way that move will be, but i hope this technical analysis helps you get on the right side of the trade. 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.