SP500 INDEX PERSONAL ANALYSIS IN THE SHORT TERM (REVERSAL!)
Overall evaluation of the SP500 is bearish within a 1-2Y time frame mini trend, but not on the grand picture. Greetings everyone, we dumped very hard this past few days but this is a sign of a potential reversal. The fact that the candle closed as a DRAGONFLY DOJI, this is a warning for all shorters to consider that the bulls are now entering the market. The proper way to trade this signal is to wait for confirmation on the next daily candle, but seeing as how
it is a text-book perfect dragonfly doji on any manual you can find, this is especially stronger in a daily time frame.
We will probably get rejected again on the moving averages after this mini-trend change. The catalyst for the mini dump we had today was a negative sentiment report from U.S. Michigan.
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TIP:
SP500 also had a reverse hammer on the hourly charts followed by a green candle -- also called as a bullish harami.
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it is a text-book perfect dragonfly doji on any manual you can find, this is especially stronger in a daily time frame.
We will probably get rejected again on the moving averages after this mini-trend change. The catalyst for the mini dump we had today was a negative sentiment report from U.S. Michigan.
------
TIP:
SP500 also had a reverse hammer on the hourly charts followed by a green candle -- also called as a bullish harami.
------
Like the update? Boost it, comment on it, share it! Bookmark it, save it, its yours for free!
Comment:
Daily candle close on the next candle from this chart closed above the previous high which is a strong indication that the market will consolidate higher and then dump from the moving averages.