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S&P and NASDAQ Forming a Potential Bullish Rebound

Written By: ChartChamp

July 26, 2024

There has been a lot of downside for stocks this week, and the S&P is starting to form a bullish rebound. The monthly candle currently looks bearish, and there is an FOMC on July 31 that will have an impact on the July monthly candle close. For now I think SPY is trying to rebound here, and I want to see what the monthly candle close looks like after Wednesday.

The NASDAQ still looks pretty bearish to me, but could be forming a potential rebound around $456. SPY is currently outperforming QQQ, and SPY could lead the rebound with QQQ following behind.

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