QQQ - S&P 500: Prepping For The H2 Correction Week Starting July 8th (Technical Analysis)
2024-07-07 16:00:00 ET
Summary
- Q3 is off to a great start.
- July is likely to close higher, as is H2. The bullish bias remains, but buying over 5550 is asking for trouble.
- Exhaustion signals are mounting up in multiple timeframes and a dip back to 5440 support looks due.
- A larger correction should unfold in H2, but may take some weeks to set up.
It's been a great start to Q3 as the S&P 500 ( SPY ) broke strongly to new all-time highs. This was expected due to the positive momentum from Q2 and a higher timeframe bullish bias, and my article from two weeks ago suggested to "hold your nose and buy." ...
S&P 500: Prepping For The H2 Correction, Week Starting July 8th (Technical Analysis)