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NASDAQ, S&P Rebound from Lower End of the Trading Range

Written By: ChartChamp

August 9, 2024

The NASDAQ has formed a bullish rebound from the lower end of this wedge pattern. QQQ was oversold after the flash crash, and dropped below the lower end of the wedge due to the crash. There has been a rebound forming over the past week, and yesterday the NASDAQ and S&P had a very bullish day. The US Treasury is assisting the markets with a large debt buyback program, and I think the US Treasury will help us rally higher.

S&P Lagging Behind the NASDAQ

The S&P also dropped below a trading channel during the flash crash, but the dip has been quickly bought up. SPY has rebounded back above the support line around $523.50. So far the NASDAQ is showing a lot more bullish price action with a stronger rebound relative to the S&P. I think SPY is lagging behind here, but both are rebounding nicely so far.

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