Looks bullish.
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SP 500 Weekly Chart
- Thread starter myminitrading
- Start date
Quote from newbunch:
No it doesn't.
the body shud have engulfed previous red candle to be a full blown bull pattern but that long shadow propellin' mkt almost 30points higher from the average is already a good sign..similar recovery begun like this back in april...sure more bullish than bearish right now and i expect bernie to come out and reassure mkt on next fomc meeting.
Extremely bearish sentiment reinforces this reversal candle. Put-call ratio 5-day average reached its highest level in the last 10 years and above 1,2 for the first time since 2002.
Of course that doesn't mean there is no downside risk from here but it is rather limited. Upside risk is much higher, imho.
Of course that doesn't mean there is no downside risk from here but it is rather limited. Upside risk is much higher, imho.