Charting Yesterday’s Midday Reversal

By | November 18, 2015

The market was higher early in Tuesday’s session building on Monday’s gains, but that momentum shifted dramatically around noon. The ten minute S&P 500 SPDR (SPY) chart shows the decline in price and an increase in volume that began midday.

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The reversal and weak close formed high wick, narrow opening and closing range doji or shooting star candles on the daily major market index charts. These candles reflect a failure to hold a higher price and are often seen as key reversal candles, but of course, like all technical signals or candle patterns they require follow-up confirmation

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