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Presidential Debate is Bullish for the Stock Market

Written By: ChartChamp

June 27, 2024

Today there is a Presidential Debate between Trump and Biden. Historically the stock market performs well on the data of a presidential debate with +1.80% gains on average. The stock market is already bullish today, and I think we could see some continued upside. The crypto market is also likely to benefit from this presidential debate because both Biden and Trump are trying to appeal to pro-crypto voters.

SPY has rebounded from the white trendline around $544.72 and is rallying back to new all time highs with resistance at the yellow trendline around $548.22. I would monitor for a break or rejection at this yellow trendline over the next few days as we approach a seasonally bullish July.

QQQ has been slowly trending up over the past few days. My key resistance target is QQQ’s all time highs around $486.51. There is likely to be some sellers at $486.51, but I believe QQQ will form new all time highs.

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