- Weekly chart with Fib levels shows a steady decline and price breaking 78.6% Fib level which may lead to a bigger fall.
- Price has broken 50 and 100 Week SMA which may lead to the next big target at 200 Week SMA which is near 360 levels.
- One Hour is falling from the head and shoulders pattern.
March 4, 2013
- QQQ Daily chart shows a broadening pattern. Bears need a close below 100 Day SMA for a bigger fall to start.
- GAP in daily chart is yet to fade completely which may attract price towards it.
- Weekly chart shows a possible head and shoulders pattern. Weekly chart will turn bearish only on trading below 65.85 level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Bank nifty weekly chart falling towards the up trend line. Indicators in weekly chart continue to favor bears.
- 2nd chart shows price approaching a crucial support level between 11125 - 11225. There is also 50 Week SMA just below this level. So breaking below this range will be crucial for bears. Getting support here may give chance for bulls to come back.
- As long as price stays below 100 SMA and daily cloud trend will favor bears.
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