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S&P and NASDAQ Trending for a Bullish Monthly Candle Close

Written By: ChartChamp

May 31, 2024

SPY and QQQ had a pretty strong performance in May, and are trending for a bullish monthly candle close. I think the short-term drop is looking like a healthy correction, and I’m leaning towards a continued rally that peaks around July. I also think we are likely to see a multi month downtrend around August to October. The NASDAQ has been outperforming the S&P, and QQQ has more bullish momentum headed into June. I think SPY will continue trending up within this channel, and I think QQQ will make more attempts to break through the red resistance line.

Bullish Monthly Candle Close for SPY and QQQ

May’s monthly candle has officially closed for stocks. SPY and QQQ had a very bullish monthly candle close. I think we can see two more bullish months of upside with a peak around July-August.

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