S&P Starts Challenge on Spike High
I've mentioned the importance of Friday's close on the Russell 2000 here, but the S&P finished the week doing its own thing as it worked to reverse the dominant bearish inverse hammer. This particular candlestick is of particular concern, not just because of the pattern but the huge volume which went with it. However, the end of week finish was positive as the index was able to poke its head into the spike high of the inverse hammer.
The Nasdaq hasn't quite enjoyed the same positive finish to the week as the S&P, but those looking for a sneaky bullish play next week may find some joy in the narrow range candle from Friday; a loss of Friday's low is the risk factor. Lead technicals are all positive, but there is a large relative loss against similarly speculative Small Cap Russell 2000.You've now read my opinion, next read Douglas' blog.
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