SPX Bounce Turns Choppy, QQQ Needs 610+ to Stabilize

SmartReversals
01-22

1. $S&P 500(.SPX)$

The pattern is repeating: Breach of the lower band + Oversold oscillator.

This bounce has lead to choppy price action in the days ahead. The rejection at the 20DMA suggests so, but the recovery of $6,836 is an encouraging sign.

Mentioned yesterday: "most of the move is in".

2. $Invesco QQQ(QQQ)$

15minutes: Technicals work the same across timeframes. Price retraced as oscillators hit overbought and indecisive candles met the the upper Bollinger Band.

Bulls need a close today above $610 for considering a bounce; much better $613, which just acted as resistance.

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