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S&P and NASDAQ Likely to Rebound Today

Yesterday there was optimism about a bullish rally after NVDA reported strong earnings on Wednesday. However, the entire stock market was red except for NVDA. SPY and QQQ were trading near key resistance levels, and both experienced strong selloffs. QQQ started the day above the red trendline, and closed the day back below resistance. After such a bearish day, the markets are likely to rebound today. The price action has been pretty boring, we’ve been trading sideways since May 15.

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