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NASDAQ and S&P Flip Resistance Into Support, Form a Bullish Gap Higher

Written By: ChartChamp

August 15, 2024

I was anticipating some type of correction for the NASDAQ and S&P with QQQ leading the way. However, there was no significant correction. Yesterday was a red day, but QQQ flipped the red resistance zone into support. Today QQQ opened with a bullish gap higher. I think the markets are excited for rate cuts, and we are rallying ahead of NVDA’s August 28 earnings announcement.

S&P is Lagging Behind the NASDAQ

The S&P continues to lag behind the NASDAQ. QQQ broke through the resistance level yesterday, and SPY is breaking through resistance today. Both are experiencing a bullish gap higher after the recent inflation data. The stock market has rebounded back near all time high levels, I think we can see some more upside in August before starting to trend back down in September.

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