Daily charts for S&P
The Dow and S&P 500 did a shooting star candlestick pattern right below their 200 day moving average yesterday. This doesn’t look very bullish to me. However a shooting star candlestick pattern would require a bearish candle today as confirmation of the start of a bearish trend. We shall see what tonight holds.
As for me, I’ll be expecting a bearish day. This is due to the continued failure of the indexes to break above its 200 day moving average. As long as the indexes fail to break above its 200 day moving average, I will be favoring a downward market.
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