Art of Speculation|Aug 09, 2026 06:30
The most critical thing next week is to see if momentum can truly return. MTUM here is looking a bit like an inverse head and shoulders. It has now broken through the downtrend line, and if it can hold Friday's low on a pullback and then break out again, this squeeze has the potential to turn from a simple short squeeze into a more sustained rally.
I'm still bullish on the overall market.
The probability of QQQ making a new high after a bottom reversal is very high.
For the S&P, the bullish resistance is at 7,900, with the main positive gamma support level at 7,775 - 7,800. The put support level below is at 7,600. As long as it doesn't break below 7,600 decisively, the bullish trend remains intact.
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