SPY (SP500) hit the bottom of a short term candlestick pattern with a bullish Harami - which means the candlesticks when downwards, but the next day, the candle stayed within the previous days body. This is a candlestick reversal pattern, and it honestly depends how long it would go for. In this case, its only short term. I don't imagine we will top out over our pevious highs, but we still can..
In a similar pattern today, we have a Bearish Harami, which shows the green candlesticks going up, but our last green candlestick remains within the previous days body. This is a pretty good time to call a reversal (not long term trend reversal, but only short term - there are plenty of smaller trends that play in the overall scheme).
I expect this to lead to a newer low, below the $428.50 candle. It can consolidate short term, but let's see what were playing with, and read them a little at a time.
In a similar pattern today, we have a Bearish Harami, which shows the green candlesticks going up, but our last green candlestick remains within the previous days body. This is a pretty good time to call a reversal (not long term trend reversal, but only short term - there are plenty of smaller trends that play in the overall scheme).
I expect this to lead to a newer low, below the $428.50 candle. It can consolidate short term, but let's see what were playing with, and read them a little at a time.