QQQQ Weekly Bearish Engulfment

I should have posted this chart on Friday but I didn't notice it until today. On Friday the QQQQ had a weekly bearish engulfment. For those of you who do not know what a bearish engulfment is, I suggest you find out... (just kidding) :-)

A bearish engulfment is a reversal pattern that is formed when the real body of one bar engulfs the body of the prior bar AFTER an extended move. The body of the candle is the distance from the open to the close.

What makes this bearish engulfment so significant is that it's on the weekly timeframe and it coincides with many other bearish reasons such as the top of a channel, an extreme in market sentiment, dow theory sell signal..etc