“Peak” power fear is behind us

Some more great charts from The Market Ear:

SPX – time to bounce?

SPX looks to be bouncing on the 3900 level again. Past few candles have all been possible reversal candles: hammer, inverted hammer. 3900 is a big support level and the “must hold” area. Let’s see how this develops from here, but a bounce would frustrate a lot of people as fear is high. Watch closely should the 50 day cross the 100 day moving average.

NASDAQ – bouncing on the Tepper support?

Recall Tepper’s NASDAQ 12k level from earlier this year? Obviously things have changed a lot since then, but this remains a huge level to watch. Note the 50 day just having crossed the 100 day moving average.

Beyond peak power fear