What's going on moon gang, i hope you're having an awesome day. The second trading week of november is now over. So it's time for a general market update in this video. I will be doing a technical breakdown of the three major indices: the s p.

500. The nasdaq 100 and the russell 2000, but before i get into all that, if you're new to the channel don't forget to join the moon game by hitting the subscribe button, i'm attempting 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 that i got that out of the way, let's get started, alrighty. The second trading week in november is now over and it was a pretty interesting week.

Let's kick things off with the s p 500. This indices tracks 500 of the largest companies in the united states, and it ended out the week by gaining 1.38 and is at 358. So far in the month of november, this index is up almost 10 percent over the past week. It's up 2.2 percent.

Over the past three months, it's up almost 6 percent and from the start of the year until now, it's up 11. The fact that the s p 500's performance across the board is green is pretty impressive, considering the impact of the virus on the overall economy anyway, here is the current technical situation that we are dealing with from march until september, there was a pretty systematic climb in The spy to the high of 358 from there heading into october, there was a sell-off which was followed by a new lower high and then, as we went into november, and the presidential election, there was a new higher low from there. The s p, 500 exploded and it even made a new all-time high at 364 dollars. This particular day was noteworthy because there was a massive gap up on the pfizer vaccine news, but once the market actually opened the bears took control all day and was on pretty serious volume.

As the rest of this week played out, the bull camp was able to regain roughly half of the drop from 364 to 354. The spy is currently sitting at the previous high from early september. If the bulls end up pushing the market higher, the next resistance would be the recent all-time high of 364, which would be a gain of 1.7 percent. And if we can get above that, it would be clear skies ahead.

But if the market ends up getting rejected here, the first support is relatively close by at 354, which is the high from mid-october. If the bear camp pushes the market below that, the next support wouldn't be until 342, which would be a drop of 4.3 percent. There is obviously a lot of bullish momentum in the market at the moment, and on top of that, if we look at the rsi, there is still room to run. But with that being said, please proceed with caution.

The amount of pressure that the virus is putting on the global economy should not be understated if we get the virus under control and the next stimulus package is figured out. I would expect the party to continue, but if one of those falls through, i would expect some serious volatility in the market. Now, let's switch gears to the tech heavy nasdaq 100. This is tracked by the qs and thus far in the month of november.

It is up 8. As of the most recent closed, it gained 0.9 percent and it is sitting at 291. Over the past week. It dropped one percent over the past three months, it's up 5.6 percent and from the start of the year until now, it is up 37.

So, even though the chart doesn't look as good as the s p 500, the nasdaq has had three times greater returns year to date, this isn't uncommon, because technology companies have in a sense been leading the way for a few years now, from march until september, the Queues were caught in this upward channel, also known as a bear flag before the sell-off. It posted a new all-time high of 303 before dropping all the way to 260. from there. It bounced and made a new lower high, which was followed by a new higher low, and then it double top once again at 300..

In my personal opinion, the reason we didn't see a new all-time high in this recent surge is because a lot of the stocks in this index are considered to be rona stocks or, in other words, a lot of these companies are seen to be benefiting off of The new stay-at-home economy, and once things return to normal, they might not do as well. Now i don't know if this is how things will actually play out, but it seems to be the common assumption after the cues were rejected for the second time at 300, they ended up bouncing off of the previous resistance at 282. If this rally continues, the next resistance would once again be 300, which would be a gain of 2.2 percent if the boot camp can push the market above that, we would then be looking at 303, which would be a gain of 4.3 percent. However, if this bounce ends up becoming a fake out and we return to the support at 282, that would be a decline of almost three percent past that you could watch for a gap bill at 276, which would be a decline of 4.8 percent.

And if the bear camp pushes the market down even further, i would watch the region between 267 and 269, which would be a decline of roughly 7.7 from a technical perspective. I am favoring the bullish scenario because the queues have been consistently been putting in higher lows and if we take a look at the rsi, there is also still room to run, but from a fundamental perspective. I have the same concerns that i stated with the s p. 500.

Last but not least, is the russell 2000. This index tracks 2 000 small cap companies, which means that they're relatively smaller compared to the ones in the s p and nasdaq. This index is tracked by the etf iwm and thus far in november. It is up 13.3 percent, as of the most recent close, it gained 2 and it's sitting at 173 over the past week.

It is up 6 percent over the past 3 months. It's up almost 10 and from the start of the year until now, it is up 4.7. So, even though this is all green, it is still underperforming both the s, p and nasdaq, which isn't much of a surprise, because the virus really hurt small business. America iwm is currently sitting at the previous all-time high from august of 2018..

If this bullish momentum continues, i would suggest watching the new all-time high of 178, which would be a gain of 2.7 percent if the russell 2000 is rejected anywhere in this region. There is quite a bit of support, pretty close by first. We have this trend line just above 170, which also happens to be the high from january of 2020, below that we have this gap fill at 166, which would be a drop of 4 and below that. We have the previous high of 164, which would be a drop of 5.5 if iwm doesn't move directly to new all-time high.

I think there's a pretty good chance that it could bounce off of one of these levels of support and then move to a new all-time high. I think that this consolidation bounce scenario is possible because of what i'm seeing in the rsi. The russell 2000 is getting extremely close to an overbought territory, the last two times that this happened, a period of consolidation did follow, and on top of that, if you look at the last relative high and this new one, there is a little bit of bearish divergence As things continue to develop in the s p, 500, nasdaq, 100 and russell 2000 i'll make sure to keep you updated in future videos. So make sure you have.

Your notifications turned on thanks for making it to the end of the video. Your support truly means a lot to me. I would love to know your thoughts on where you see the market going next. 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.

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