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In our December 14 commentary, we presented an annotated chart of S&P 500 SPDR ($SPY) and said, “Notice that $SPY will likely print a bearish shooting star candlestick pattern for the week. This is a topping pattern that often indicates near-term bullish momentum is running out.” Given that stocks printed another day of losses last Friday, that is exactly what happened. Furthermore, the rest of the broad-based indexes formed the same pattern on their weekly charts as well. This technically positions the broad market to be under additional selling pressure in the upcoming week ahead of the Christmas holiday.

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