CHART-II
- Price breakdown below the support line. consolidation near 200 Hour SMA may lead to a bounce. Sustaining below 200 Hour SMA will favor bears.
CHART-I
- QQQ Hour in a falling wedge pattern.
- 2nd chart shows price nearing 200 Hour SMA. For bulls price has to sustain above this level in order to avoid a bigger fall.
- Bullish reversal must trade above the hourly trade for a bigger up move to happen.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty weekly chart shows crucial support zone between 5135 - 5205 levels. Weekly middle Bollinger band too is at 5130 levels.
- Weekly MACD is getting ready for a sell. For bulls price has to sustain above 5 Week High ema Which is at 5353 levels For avoiding a bigger correction.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- For bulls price need to sustain above 50 Day SMA and the trend line shown in 2nd chart.
- 1370 was the previous resistance level in weekly chart which may act as support now. Bears need a close below this level to extend the fall towards 1350 levels.
- A bullish candle near 50 SMA should help bulls to continue the up trend again.
