S&P Continues to Trend Down
Although the NASDAQ and S&P have been trending down, I think both are likely to rebound after next week’s FOMC announcement. I’m waiting to see what the monthly candle close looks like, I think we could rebound near the last few days of the month. My current forecast for QQQ is some more upside in August before a steeper decline starting in September.
The S&P has been in a downtrend since July 16, and has dropped significantly since SPY lost support at $551. I think the top is near, but I don’t think that we have formed a top just yet. The stock market is likely to rebound and trend back up in August. I am personally looking to short the market near the end of August or early September. I think could potentially rally back to $566 or higher for SPY before the real drop. The Fed pivot date has changed from September to November, but the odds are likely to keep changing as well. We’ll see when the real Fed pivot is, but I feel comfortable shorting near the end of August since I think September is likely to be a bearish month.
Although the NASDAQ and S&P have been trending down, I think both are likely to rebound after next week’s FOMC announcement. I’m waiting to see what the monthly candle close looks like, I think we could rebound near the last few days of the month. My current forecast for QQQ is some more upside in August before a steeper decline starting in September.
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