QQQ Trend Update
- QQQ Hour is hanging on to 50 Hour moving average.
- Price closing the hour or day below 50 Hour moving average may give another correction towards the recent lows.
- Four hour chart shows price near the previous support which was broken. Now price has rallied towards the previous support which is acting as resistance.
- So bulls need to sustain above 53.62 levels otherwise bulls face the risk of another correction.
- But for now if price stays above 50 hour moving average bulls are safe.
- IT'S A DAY OF FALSE BREAKOUTS - ES, SPY, SILVER AND CRUDE OIL
Looks like a bearish broadening megaphone pattern. Bulls should be cautious here.
ReplyDelete