Today SPY 0.00%↑ tapped the top of the megaphone before pulling back and closing the session in a gravestone doji.
A gravestone doji is a bearish pattern that suggests a reversal followed by a downtrend in the price action. A gravestone pattern can be used as a sign to take profits on a bullish position or enter a bearish trade.
We will of course need to confirm this tomorrow, but with FOMC this week, it’s unlikely we get our next 100 pt candle on ES until FOMC.
For tomorrow we will watch 415.92 orderflow level, this will be our pivot for the session.
SPY 0.00%↑
415.92 pivot
→ If above, possible retest of 417.81. Next level above is 419.99 however would be a premature breakout before FOMC, and bulls would prefer not to make that move early.
→ If below, then we likely put in a red bar to confirm the gravestone doji. Below 415.92 target 413.75, 412.55, 411.57
Real-time updates to be shared in the discord.
-Jovan