One earnings report after another issued on Monday night and Tuesday morning was hit with selling. However, then we saw dip-buyers step in, and they sent the market higher into the close yesterday. Technically, we didn’t breach any significant resistance level, and the overall downtrend is still intact.
Any time you have a bullish intraday reversal it is a positive. And yesterday’s candlesticks in the S&P 500 was pretty bullish– a Marubozo. However, this market still has to prove itself. It has to close higher, above the 50-day moving average, then confirm it. Until that happens, very careful.
More on this topic
(What's this?)
Wrong-Way S&P 500 Traders Now Excessively Bullish
(COTs Timer, 8/29/10)
33 Dividend Champions to Consider
(Dividend Growth Investor, 8/11/10)
2010-Q2 Progress Review
(Dividends Value, 7/17/10)
Stocks Are the Cheapest in 15 Years… And Here Are Three Big Bargains
(Investment U, 7/7/10)
Related Posts
- Oil Market Rock and Rolla (04/09/10)
- 7 Reasons Why Investors Miss Market Turns (04/15/10)
- 3 Charts as Mister Market Aims Higher (04/30/09)
- The Big Squeeze for Mister Market (10/28/09)
- Market Manipulation, Oil Slick Economics, Goldman-omics, and Chart of the Day (05/13/10)
{ 2 comments… read them below or add one }
Hi Sean heads up. I was looking at when earnings reports are due and for COP its 7/28.Then I looked at the earnings whisper (.com). Yeow, it was at $1.06 while analysts est avg is 1.57. What’s up with that? -Elaine S
Yesterday, we had a long white candle, a Marubozo. However, today, July 21, the SPY’s candle formed a bearish pattern called a dark cloud cover. This candlestick pattern is a two day pattern where on the first day, there’s a bullish long white bar and on the second day, prices gap up higher, moving to a higher high, right at the open, but then turn around, reverse and close deep within the body of the first day of the pattern.