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SPY and QQQ Show Bullish Momentum

Written By: ChartChamp

June 3, 2024

Last week I kept emphasizing that the May monthly candle close will be extremely important for June. On Friday it was looking very pessimistic with prices dropping headed into the final hours of the May monthly candle close. However, there was a strong rebound within the last hour that led to a strong finish for the month. In fact, the swing was so large that a $2,000 options trade would have turned into $1 million. SPY and QQQ are showing some bullish momentum headed into June, and we are seeing some bullish strength in the first week of June. SPY and QQQ both opened with a bullish gap higher.

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