The overall sentiment right now in the markets well talk about the fear and greed index well dive into all that here, so we have a better picture view. What to expect going forward based on the recent price action were looking at the past week here in the market and were kind of seeing a little bit of a mixed story across the board. Thats, not the same. If you look at small caps right now, youre looking at a lot of bigger companies, a lot bigger names here – apple microsoft, google, facebook, amazon, yeah tesla. A lot of these are down uh and you know across the board. But if you were to look at small cap stock youre talking stocks less than 10 billion, less than 5 billion heck stocks that are less than a billion dollar market cap, those stocks got absolutely annihilated this past week and thats just whats going on well talk about. Why well talk about everything but lets first start with the fear and greed index. Quick, look at the fear and greed index right now were sitting around a 20 which is in the extreme fear kind of classification for the stock market. Now whats crazy is that you may not actually think that thats the case looking at where the stock market is compared to all time highs. All right. So here is spy. The s p, 500. Etf. Take a look at this past week, honestly weve seen some crazy crazy volatility.
Okay, so we start the week off here and we pull back right. We open up were up in here that 464 465 range okay, it is what it is and then boom tuesday pull back wednesday. We open way higher. We gap up boom, followed by a pretty big pullback thursday. We actually open up down here towards 450 and we push higher into the end of the day finishing up here towards 457, a little bit over that level. Then friday we actually gapped up followed by proceeding to sell off now fridays. Wick is pretty interesting because we did dip below what we saw were the lows of the week and for a lot of traders, investors. That 450 was a line of sand and we had that as a psychological level to watch and guess what happened. Stock market held above it dipped below, but it didnt really flush out. It kind of bounced back, it pulled back below it bounced back up and it was kind of hovering around that level. And then we really saw it push up into the end of the day. On friday, so take a look at this look at this push so were down that 450 break down below and then boom look at these candles. These are five minute candles that pushed up into the end of the day, pretty interesting stuff, as we see right there to finish off the week going into next week, we got a downtrend right here.
We got to get back up over 460 to break that down trend on the s. P, so well see how that plays out right now, but thats. Currently, what were watching here on spy below that we have a prior resistance up here, looks like 445, so below 450. If we fall below that level next week, i would not be surprised if we see 445, but this also may be the dip thats getting bought up and the question is going to be now. Do we continue to see this volatility, or do we see kind of a consolidation? What do we see the market? Do? Does the market kind of go into a period of time where it kind of consolidates in this range for some time or do we see it? Bounce right back and just wick right back up to all time highs and were back up towards that 500 by the end of the year into early 2022.. I mean thats been the trend, but this seems different because we had such crazy volatility such crazy action intraday. On the s p that that may not be the case but well have to see and what happens obviously going forward lets. Take a look at qqq lets. Look at tech stocks. What are they doing? They took a pretty big hit. They pushed down hitting you know, lows of the week for sure, before recovering a little bit, they actually dip down below into this range, not a bad spot for a balance actually because take a look at this, its kind of where we consolidated last time here at These all time highs support here at 378, 379 and then we have a area we closed above the prior all time high, so which is a good sign around 382.
So thats good for right now on qqq, well see how that plays out going forward, but thats. What were watching right there and then iwm the russell 2000 different story, uh down into this range weve, been watching on the russell, really really good, buying opportunity, at least historically this year this year, its what its been not saying to go ahead and buy it. But saying thats generally whats been this past year followed. We followed this up by some pretty big balances on the russell, so well see what happens but were into an area under 220 that has been historically a great spot to buy in 2021. Will that continue? 2022? We shall see that said. A lot of small caps have been absolutely annihilated over the past couple of weeks. Ever since iwm hit its highs, hit its all time highs, it has pulled back substantially. Take a look at this since iwm hit its all time highs here. On the 8th of november, we are down over 13. We actually were down just about 13 were down over 12 percent from those levels wild stuff. Let us know your thoughts in the comment section down below. Well, have a technical analysis trading course. If you guys are interested in taking advantage of that two free stocks, plus five dollars in free crypto of your choosing on weeble, when you sign up and deposit any amount on this platform right here, all your charting, you got your news.
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