S&P 500 ETF Joins a Crowded Bearish Engulfing Scan
With a strong open and weak close, dozens of stocks and ETFs made the bearish engulfing scan on Wednesday. These patterns form when the current open is above the prior close and the current close is below the prior open. The result is a black candlestick that engulfs the body of the first. These are short-term bearish candlestick patterns that require confirmation with further weakness. On the SPY chart, I would mark first support near broken resistance in the 172-173 area.
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