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Bearish Gap for NS&P and NASDAQ

Written By: ChartChamp

July 17, 2024

This morning the market sentiment is bearish due to FUD surrounding the semiconductor sector. These semiconductor stocks have been helping the stock market rally so this FUD is hurting the entire stock market. SPY is still above a key resistance level, and has support around $557.32. I would monitor to see if this support level holds on the way down.

QQQ failed to form a bullish breakout above the rising. There is still some more room for QQQ to decline to the next key support level around $477-479 depending on how long it takes to reach. We are likely in for a red day for the stock market.

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