Bearish engulfing on monthly candles on spy
I'm not giving investment advice just noting what I am seeing.
I don't think people do enough really long term looks at the possibility of where an index is going. This bearish engulfing candle on monthly candles is a bad sign. Yes we are not done with september yet but this candle is pointing to long term decline . Even if in the last week of the month there is a rally that brings this up it will leave us with a dark cloud cover or a hanging man candle. All of which are indicators of an incoming correction and price decline.
I don't think people do enough really long term looks at the possibility of where an index is going. This bearish engulfing candle on monthly candles is a bad sign. Yes we are not done with september yet but this candle is pointing to long term decline . Even if in the last week of the month there is a rally that brings this up it will leave us with a dark cloud cover or a hanging man candle. All of which are indicators of an incoming correction and price decline.
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