SPY: Let the Bears Run
We finally touched down on that 450 mark and busted straight through to 446.
In my humble opinion the most dreaded candle pattern has started forming on the monthly.
November: Shooting-Star
January: Bearish Engulfing
What do these candles mean?
In November buyers were very excited about the bull market, money was flowing and profits were being made. on the Monday leading up to Black Friday SPY got pushed up to 473 in all the excitement and expectation. Omicron hit, sales were lower than expected, rate hike fears kicked in. All those buyers experienced instant regret and the market plunged to 456 and closed at its lowest point signaling the decline leading into December. This is the Shooting Star pattern.
In December after some jostling for position then came the Santa Rally. Bulls had their wallets at the ready, and they bought up that dip. They kept buying until the market hit even new highs of 479.
January so far has taken out all of the gains made in December and has brought us to a new low. Bulls who doubled down in December are feeling defeated, not only could they not keep the rally afloat after December seemed to give them signs of life, but the market is even lower than it was at the November "bottom". Everyone who bought the dip, Everyone who contributed to the Santa Rally has been thoroughly punished by this market move. This is the Bearish Engulfing.
The question is, If Black Friday and Christmas have been disappointing for the market where is the hope for the bulls?
Valentines Day rally?
These are all just my opinions.
In my humble opinion the most dreaded candle pattern has started forming on the monthly.
November: Shooting-Star
January: Bearish Engulfing
What do these candles mean?
In November buyers were very excited about the bull market, money was flowing and profits were being made. on the Monday leading up to Black Friday SPY got pushed up to 473 in all the excitement and expectation. Omicron hit, sales were lower than expected, rate hike fears kicked in. All those buyers experienced instant regret and the market plunged to 456 and closed at its lowest point signaling the decline leading into December. This is the Shooting Star pattern.
In December after some jostling for position then came the Santa Rally. Bulls had their wallets at the ready, and they bought up that dip. They kept buying until the market hit even new highs of 479.
January so far has taken out all of the gains made in December and has brought us to a new low. Bulls who doubled down in December are feeling defeated, not only could they not keep the rally afloat after December seemed to give them signs of life, but the market is even lower than it was at the November "bottom". Everyone who bought the dip, Everyone who contributed to the Santa Rally has been thoroughly punished by this market move. This is the Bearish Engulfing.
The question is, If Black Friday and Christmas have been disappointing for the market where is the hope for the bulls?
Valentines Day rally?
These are all just my opinions.
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