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Impressive reversal action off the lows in the major indexes last week.

S&P 500 – There is quite a bit of support in the 4,100 – 4,200 area with three bullish reversal candles off the lows in the last two months.

Last week’s action produced a bullish engulfing candle which occurs when the real body of the current candle opens below and closes above the body of the prior candle. The prior candle should be red . The engulfing candle shouldn’t have big wicks where the open and close are too far from the high and low of the day.

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$BTC chart

The initial Bitcoin follow-through rally from on the bullish reversal pattern was impressive, but also short-lived.

In our previous report, we mentioned the February highs as a major resistance level to watch if $BTC reclaimed its moving averages above the 40,500 level.

That’s how it played out, as $BTC stalled and reversed sharply lower after testing major resistance at the 45,000 to 46,000 area (resistance of the February highs).

In anticipation of a $BTC pullback after testing its February highs, we sent alerts to lock in profits on partial share size of several portfolio trades into strength of that rally.

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