- QQQ falls below 20 Day SMA.
- Weekly chart shows a potential false breakout setup which may give a bigger fall if price stays below 72.76 level.
- Last chart shows price near 23.6% Fib level. Bears need a close below this level for extending the fall.
- S&P 500 WEEKEND UPDATE
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- Oversold bounce by Facebook bulls getting resisted at multiple resistance levels.
- Broken 200 Day SMA, 23.6% Fib level acting as resistance.
- To avoid a bigger fall price must get back into the pattern shown in 3rd chart.
- SPX Closed below 20 day sma.
- Next crucial support at 50 Day SMA. Daily MACD shows a sell signal. 50 SMA at 1600 has to break for the sell signal to gain strength further.
- Weekly chart shows weakness after negative divergence. Weekly RSI falling below 70% line will help bears to extend the down move.
- SPY Near the apex of the triangle pattern.
- Second chart shows four hour time frame with the shooting star pattern. Shooting star or inverted hammer would look strong if price starts to trade below 163.95.
- Triangle given an upper breakout will weaken the bearish case.
- Apple week need a close above 20 Week SMA.
- Daily chart too is trying to stay above 100 Day SMA.
- Price staying above the daily cloud after a long gap is good for bulls But for the trend to change price must trade above 465 - 469 zone and 484 levels.
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FACEBOOK RESISTANCE LEVELS
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- ES four hour chart show price moving towards the resistance line of the triangle pattern.
- Price nearing crucial Fib levels.
- Price trying to stay above hourly cloud need to break above the resistance line for a bigger up move to happen.
- Facebook one hour chart shows price testing 50 Hour SMA.
- Price also near 23.6% Fib level. Violating these two levels may lead to the hourly cloud. Sustaining below the cloud may resume the fall.
