S&P500 record high with an ugly candlestick
Interestingly, while media headlines today talk about an all time high, the candlestick pattern is missed totally, and I think does give a subtle warning.
The long tail at the very top is an indication that this is a significant hurfdle to overcome IF the index is to push further. It is also telling us that there is a lot of sell pressure and should continue for the next day. Later on, we should see a lower high forming.
MACD is supporting a retracement of sort, but the RPM supports a continued bullish outlook.
Until then, clearly still bullish; just an early bump worth noting in my humble opinion...
The long tail at the very top is an indication that this is a significant hurfdle to overcome IF the index is to push further. It is also telling us that there is a lot of sell pressure and should continue for the next day. Later on, we should see a lower high forming.
MACD is supporting a retracement of sort, but the RPM supports a continued bullish outlook.
Until then, clearly still bullish; just an early bump worth noting in my humble opinion...
Over and above that, notice that the candles are getting longer (stronger momentum), so selling pressure IS buckling the immediate supports.
Looking for 3750 perhaps. Be war that if it does not hold...