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Stock Market Rebounds Despite Biden’s Resignation

Written By: ChartChamp

July 22, 2024

I thought the stock market would have a bearish start to the week after Biden resigned over the weekend. Instead, the current sentiment is bullish and the stock market could rebound this week. SPY has held above a key white resistance level around $546, and is building support above this white trendline.

NASDAQ Falls Below the Rising Wedge

The NASDAQ has broken below support within this rising wedge pattern. I think these breaks are common and I’m not concerned. QQQ could rebound soon, and I have $485 and $504 as key targets to monitor on the way up.

IWM Bullish Rebound Before Moving Higher

The stock market had a correction last week, and IWM is starting to rebound around $217. I still have $233.10 as a key price target on the way up, I think IWM and small caps continue to trend higher.

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