SPY Bearish Engulfing Candle Invalidated
$SPDR S&P 500 ETF Trust(SPY)$ Bearish Engulfing Candle Invalidated... by a Doji
As mentioned to subscribers in last Wednesday's publication, every dip can be quickly bought, and shorting this market is quite risky. The visit to the 20DMA has been postponed, the question is, for how long?
⚠️Watch outs: The upper edge of the volume shelf may set some resistance, and bearish divergences with the Money Flow Index and RSI continue.
✅Good news for bulls: 1) The doji lacks daily volume validation. 2) Price stayed above $587.1, the central weekly level all week despite the chaos on Thursday.
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