Minyanville's T3 Daily Recap: Market Forms Bearish Engulfing Candlestick
The S&P closed the day down only 0.5% but technical analysis tells us today's reversal could end up being much more significant. After opening higher this morning the market immediately sold off and accelerated lower after disappointing ISM manufacturing survey results were released at 10 a.m. ET. The S&P saw its three-day win streak snapped and I believe we could see some additional downside in the coming days. Today's move resulted in a bearish engulfing candlestick on the charts that will have short-term traders cleaning up long positions and either flipping short or moving to the sidelines. Although today's ...
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