First Pullback to 50-day Moving Average
The Nasdaq 100 Index (QQQ) is experiencing its first pullback to the 50-day moving average since the conclusion of the Iran War correction, presenting a significant buying opportunity for investors. Historically, such pullbacks after corrections or bear markets have been viewed as high-probability buy zones.
July is Seasonally Strong
This July marks the continuation of a strong seasonal trend, with the Nasdaq’s 12-day Midyear Rally averaging a 2.5% gain since 1985 and successful 78% of the time. The S&P 500 Index has also demonstrated impressive performance, closing higher in July for eleven consecutive years.
Market Participation is Broadening
Despite recent declines led by major stocks like Apple (AAPL) and Alphabet (GOOGL), market participation is improving with 65% of S&P 500 components trading above their 200-day moving average— the highest level since early March. This indicates an underlying bullish trend in the market.
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