Hey, what's going on everyone, i'm matt and in this video i'll, be giving you an update on the s p 500 futures market. If you're interested in this type of content, hit the subscribe button and turn on your notifications. So you don't miss any of the videos before we dive into the technical analysis. I want to cover the upcoming important economic announcements on thursday july, 2nd at 8 30 a.m.

Both the non-farm payrolls and the unemployment rate will be announced. This is happening a day earlier than normal, because the market will be closed on friday july 3 for the holiday. Additionally, the fed will be buying billions of dollars worth of bonds on the mornings of the 29th 30th and 1st. Considering the economic announcements, the actions by the fed and the recent increase in covid cases, i think it's safe to say that the market is most likely in for a volatile week to help you be better prepared.

Let's take a look at the technical levels on the s p 500 futures contract to have a better understanding of where we are in the bigger picture. Here's a look at the weekly chart from the high in february to the low. In march we dropped 36 percent. Then, over the next 11 weeks, with the help of the fed, we gained an impressive 48 for all of my fibonacci friends.

This is a retracement of over 80 percent. On this larger time frame, i've been paying attention to one downward trend line. The recent high in february to the recent high in june we're not currently close to this resistance, so i don't think it will come into play this particular week now that you can see where we are from a weekly perspective. Let's take a look at the daily chart, as you can see, i've identified two different wedge formations when the market closed on friday at 3007, we were right at the bottom of the smaller wedge.

This is the line in the sand for both bulls and bears for the bowl case. We could bounce off of this line and go to the top of the wedge, which would be around three thousand one hundred. If we break through that, i would say that the next resistance is around three thousand one hundred fifty and then of course, above that there would be another resistance just above 3220. So that's the bullish case.

But what level should we be paying attention to if the bears push it below this middle trend line in april and may quite a few support areas were created. The first support zone i'll be watching comes at 2965. if the bears break through that support. The next area i would be paying attention to is at 2923., if we capitulate through that second support, i would be paying attention to a bounce off of this trendline around 2850.

Those are the technical levels, i'll personally be watching on the s p 500. For this upcoming week, i hope that calling out the support and resistance lines will better facilitate your trades. You should also be closely paying attention to the vix which measures volatility. This is the daily chart of the vix.

This recent run-up was descriptive of the increased volatility when the market was seriously declining in march from march until june, the market has been running up and the volatility has slowly been dying off. Then in mid-june we saw this spike which broke the previously established downward trend. In the coming future, if the vix can clear the recent resistance of 37 and 44, you should definitely be prepared for a notable market fall. That is a big.

If, though, there's always a chance that the volatility could die off and just continue this downward pattern, which would most likely mean that the market continues to push upward, i hope this technical analysis review helps. You have a more informed training game plan for the upcoming week. If you enjoyed the 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.