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S&P and NASDAQ Trade Near Resistance

Written By: ChartChamp

August 21, 2024

The S&P and NASDAQ experienced a very bullish rally since the recent flash crash caused by the Sahm’s rule recession indicator. I think the S&P is trading near all time highs while the NASDAQ could potentially be forming a lower low over here. Next week is seasonally bullish, and NVDA reports earnings on August 28. QQQ has resistance around $486.74 to monitor for a rejection.

SPY has reached the resistance target, and there are wicks forming above. There could potentially be an overshoot above resistance for a better entry opportunity to short the market. I think we could see some upside next week before the market starts to trend down headed into the September bearish seasonality trend. Either way I think the stock market is trading near a peak here.

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