What's going on moon gang, i hope all is going well. My name is matt and in this video i will be doing a technical breakdown of both the s p, 500 and nasdaq 100. My hopes are that highlighting the key levels of support and resistance will make us better prepared for the upcoming trading week, which will most likely be extremely volatile. But before i get into all that fun stuff, if you're new to the channel, don't forget to join the moon gang by hitting the subscribe button, my goal is to hit 5 000 subscribers by the end of this year and your help with that would be truly Appreciated also, 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 rock and roll.

If you're watching this video you're, probably well aware that the stock market had a pretty rough october, at least the second half, whether it's a halloween, prank or people, are seriously concerned about the impact of the upcoming election, the s p 500 closed out the month by Dropping one percent which added to this decline that started on october 13th, the spy is currently sitting at 326 dollars, which means over the past week. It's dropped 5.5 percent over the past month. It's down 3 percent, but it's actually still positive. On the year over the past three-ish weeks, the market has been slicing through supports, like it's freddy krueger and from the most recent high, it's actually down 7.3 percent.

As i discussed in my previous market update videos, i'm looking for this bearish abcd pattern to play out a would be here, b c and then d would be somewhere around here. I have my fingers crossed that this will end up becoming an undershoot, or at least a double bottom, because if the market falls through this region of support, that would mark a new, lower low and a new lower high, which would definitively be bearish. And in fact, it would mark a change in trend from the bullish upswing that started in march, based on the most recent close for the market. To get to this area of the trend line and the last major low.

It would have to decline an additional two percent if, for whatever reason, the bull camp can't hold that region, there is another support to be found at 310, which would be a decline of 5 percent, and if the bears pushed the market below that, you could always Watch 300.: if and when the volatility in the market calms down and things are able to bounce, the first resistance would be at 331, which would be a gain of 1.5, and just so you know the all-time high for the market is at 359, which would be A gain of almost 10 moving forward. I would highly recommend paying attention to how the market reacts to this region of support and now that we've covered the s p 500: let's switch gears to the tech heavy nasdaq. 100. The nasdaq 100 is tracked by the etf qqq.

I personally enjoy tracking this specific index because i'm a big fan of a handful of technology companies, the nasdaq, has led the charge upwards since march, but it's also led this recent downturn, similar to the s p. 500. The nasdaq performed well in the first half of october, but since then it has fallen, nine percent, the queues closed out the month of october by dropping 2.5. It's currently sitting at 269, which means over the past week it's shopped five percent.

Over the past month. It's dropped 4.5 percent, but from the start of the year, until now, it's up 27. The bulls and bears are currently battling it out at 269, which has previously served as support and resistance. If the bulls end up winning this battle, the next resistance would be at 282, which would be a gain of almost 5.

But if the bears end up winning, i would look for support to be found somewhere between 262, which would be a decline of 2.3 percent and 255, which would be a drop of almost 5. Previously, the queues had a pretty solid bounce in rally off of 260 dollars, and back in july there was consolidation in the region as a whole. If the bull camp ends up not getting its act together in this region of support, i would then recommend paying attention to 250, and then that would be followed by 237. Both of these prices represent distinct lows that we saw, as the nasdaq was running up this channel in general, i'm expecting a lot of volatility leading up to and just after the election once things settle down a bit i'll make a new market update video so make Sure you have your notifications turned on, so you don't miss it moving forward.

I think it's a very smart idea to proceed with caution, because i think there will be a lot of volatility in the market in the near future. Obviously, though, those are my own opinions so make sure to do your own research, i would love to know your thoughts on the market and how it will react to the u.s presidential election. Let me know in a comment below if you enjoyed this video, don't forget to drop a like, and if you haven't already don't forget, to join the moon gang by hitting the subscribe button and as a quick side note if you're interested in the charting software that I use there's a link to a free 30-day trial in the description of this video thanks for watching and until next time best of luck in the markets. You.