SPY 0.00%↑ finally had it’s first red day after a major nonstop run from 395 to 412. It put in a bearish engulfing candle on the daily. Let’s also not forget the gap below at 396.49. See below:
You can see how far SPY gapped up / ran up over/from the 8ema and 50 SMA. The 8ema has crossed over the 50sma signaling that short term momentum has flipped to the upside. The 200SMA continues in that 392-393 area.
I think alot of the mentality now is that this is BTD market. We need to be cautious and careful in following the herd.
Today we put in a bearish engulfing candle, which needs confirmation tomorrow.
For tomorrow we will need to watch the following:
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