SPDR S&P 500 (SPY): Yeah those shooting stars don't look to...

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learningboutinv

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learningboutinv

Re: be post# 48790

Friday, 05/02/2008 9:26:41 PM

Friday, May 02, 2008 9:26:41 PM

Yeah those shooting stars don't look to pretty. Looks like we hit resistance on the Daily for most of the major indexes. I'm in cash and closed a lot of longs this week starting with some before the FOMC meeting, some more on the spike on Thursday and again even more today in the morning when we started to run up.

Shooting Star defined - A single day pattern that can appear in an uptrend. It opens higher, trades much higher, then closes near its open. It looks just like the Inverted Hammer except that it is bearish.

Only one not shooting is NDX, but it looks like a black hanging man.

Black Hanging man defined - The Hanging Man formation shows the price goes much lower than the open then closes near the opening price. This could mean that many longs have positions that they are attempting to sell. Ideally, a black real body Hanging Man with a lower open the following day could be a bearish signal for the days ahead.

I'm not a candlestick expert but I've seen these formations in the past and they have not been good. If someone has a comment /thoughts on these formations please feel free to chime in.

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