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AmbreenShabi

Morning Doji Star

Long
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
AmbreenShabi Updated   
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Technical Indicators Chart Patterns SPDR S&P 500 ETF (SPY) spylong
3
0
trendanalysis indicator chartpattern spy spylong
On daily spy made a reversal pattern candlestick.
Its called Morning Doji Star. I know after the big fall today its hard to believe that we will see a gap up in the morning. But this is what candlestick is showing.
Comment:
SPY has started to move up. I still think it can go up as it is in the absorption phase. Everything looks smooth in all timeframes. No divergences or accumulations or distributions.
Fib retraced less than 50% which also confirms it is okay to go up.
The only thing that can bring the price down at open tomorrow is the hourly chart shooting star candlestick. It can be used as entry for long but one needs to keep eye on lower tf before going long.
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