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Bullish Gap Higher for SPY and NASDAQ

Written By: ChartChamp

August 23, 2024

Yesterday there was a strong selloff with short sellers starting to short the market, and traders taking profit ahead of Powell’s speech. The stock market has rebounded back today with a bullish gap higher. I think SPY is likely to form a double top with a peak around $565. I am comfortable opening shorts once SPY reaches $565.

While SPY is trading near all time highs, QQQ is lagging behind and unlikely to rally to all time highs. I have $486.50 as a key resistance target to monitor for QQQ. There was already a strong rejection here, I think QQQ can climb above the $486.50 resistance level on the next move up. However, QQQ is unlikely to reach second $503 target.

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