The popular QQQ ETF based on Nasdaq Top 100 shares is creating a Bullish Hammer in the chart. The ETF is almost at 52 Wk Low and much away from 50EMA. So, this could possibly be a swing trade opportunity if it reverses from here.
However, the market in general is still bearish and the fear is that, it would remain so for the next few weeks if not months.
$SPX S&P 500 has been trading within typical bearish channel and almost touched the high near 4100 when it fell again on Wednesday. The index ETF is down by almost 4% amidst heavy selling and probably short term profit booking. Also, as the monthly options expire on Friday, the traders are probably looking for settlement.
Even though the $AAPL shares are up today, the volumes are not great today with only half an hour remaining. The volume is much lower than the previous days when the stock was beaten strongly. I'd wait till Monday to comment whether the stock has bottomed out.
S&P 500 broke the major support level of 4062 yesterday and today's trade was a confirmation of that with another lower low and lower high. The next major support level is 3594 which is another 10% away.
SPX would probably close again below 4000. The next major support level is at 3594, around 10% further down from here.
Would be interesting to watch in the next few days.
Today's low tested major support level for S&P 500 at 4062 once again. Let's see what happens on Monday.
Even the good Nonfarm Payroll numbers were not able to cheer the market.
Even with some of the market beating earnings by $C, $MS and $BAC, the $SPX is still trading below 50 EMA and 20 EMA. I guess the market is still jittery with #inflation, #Ukrainewar and #GlobalSupplyChain issues.
