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Bears failed to go for the jugular as an early rally fizzled out and SPX fell quickly to yesterday;s close and then some.
However, bulls fought back strongly and kept the bears at bay for the rest of the session.
So, while we got a bearish engulfing daily candle that should bring more downside one has to admit it is not a sure thing since soon this becomes consolidation in an uptrend instead of an ST TOP. Yeah, that happens, market is dynamic, in flux, so patterns can quickly change from bearish to bullish and vice-versa.
Last chance overnight and tomorrow for the bears to press home the advantage of the last 2 days or else the bulls will grab the initiative ans send this rocketing to new highs by Friday!
NORTHMAN TRADER says it better than I do:
And this is what we ended up getting today:
What’s frankly odd here is to see two distinct bearish candles back to back, a shooting star and then a bearish engulfing candle. I don’t recall ever seeing this specific combination. Maybe some other technicians can chime in here.
The technicals are trying to tell us something, BUT these types of candlesticks are not yet a confirmation!
Further weakness is required for bearish confirmation of this reversal pattern, i.e. a down day tomorrow, and, if it confirms, then, technically speaking, we can expect a lot more downside in the price action in the days ahead. But keep in mind, this market is very headline driven as we saw again last night. We’ll know more tomorrow.
530 Views · 14 Replies ( Last reply by dTraderB )
forming now. Could take a few hours. Will be invalidated if SPX closes above 2908
Watch the VIX vs SPX chart on an hourly basis
1,384 Views · 32 Replies ( Last reply by 12SPX )
sold another 30% of LT longs. Down to 50% long.
711 Views · 7 Replies ( Last reply by Darris )
Today is an important top in my work with a forecast of 2896 SPX +/-. Overall, down into August 28th below Dec 26, 2018 low!!
Gold saw a top on Friday.
For more "detailed" info see my blog at BluStar Market Timer Blog
1,131 Views · 17 Replies ( Last reply by blustar )
Very informative Twitter feed, You just need to look at the Data and Draw your own conclusions. https://twitter.com/ThinkTankCharts