- QQQ Weekly chart shows weakness. For now price is bearishly engulfing last 2 weekly candles. Bears need a lower close at the current levels to confirm the engulfing pattern.
- Hour chart too are staying close to crucial resistance levels. Bears need to keep price below hourly cloud to keep the negative set up intact.
- ES Analysis before opening bell
October 26, 2017
- ES 4 Hour pattern shows price holding above 2539 - 2541 zone. Bulls will be safe if price stays above this level.
- 100 Hour SMA was violated. Bears need a close below this line for bigger correction to follow.
- Yesterday we discussed about Bulls problem when it violated Hourly cloud. Now the problem won't go away until price moves back above the cloud. So Bulls need to get back hourly cloud to resume the prevailing trend of ES.