One of the traders in the chat-room today pointed out a very unique pattern in the SPY that was unfolding, and one that I don't remember seeing in recent memory.
Typically when a stock opens above the previous day's high price action and closes bellow its lows (only necessary to engulf the candle body), it is referred to as a bearish engulfing pattern. But what's strange about the chart below is that we've now had two in a row on successive price action. Something that I'm sure has happened before, but nothing I can personally recall.
I really curious now about how this will all unfold.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>
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