SPY...Weekly bearish Engulfment
Well, it's the end of the week and thats when I look at all my weekly charts to see what took place. If you look at the above weekly chart of SPY, you will notice that for the past four weeks, buyers were unable to penetrate the 142.90 level. Notice there were four attempts at this level which failed and now a weekly bearish engulfment has formed with a weekly close below the uptrend line. Need I say more? Actually yeah, I do have more to say...Look at the next post about the triple MACD divergence sell signal.
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1 comment:
'engulfing candle' - great observation. this seems like
"letting the air out of the ballon"
or like a rupture or earthquake where the foundation is broken.
The new highs/lows {for last 52 weeks,ibd} are now terrible .
127 new highs vs 79 new lows last week - not even 2 to 1 . To me this says stocks are not moving successfully suddenly. The previous week the ratio was almost 10 to 1
{265 vs 27}.
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