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Stock Market Prices Trump Victory, Markets Rally Higher

Written By: ChartChamp

June 28, 2024

Yesterday I discussed how the Presidential debates are a seasonally bullish event. The markets spiked higher during the debate, and Trump’s probability of winning has also increased. The S&P is trading near all time highs and SPY could close at a new all time high today.

The S&P is starting to outperform the NASDAQ in this spike, but QQQ is also trading near all time highs ago. QQQ could close at new all time highs, but is facing resistance at $486.51.

IWM has opened with a bullish gap higher, but is still significantly underperforming relative to the S&P and NASDAQ. Small caps continue to underperform while AI stocks and Mag 7 stocks continue to outperform. IWM is trending up as we approach July so there is a possibility of a bullish breakout above the red zone. I have $210.44 as a key resistance target for a breakout.

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