SPDR S&P 500 (SPY)

[woodfish]

Candle stick pattern
Today all the major indexes printed bearish "Last Engulfing" patterns. These are also known as double lovers suicide. A rare but quite reliable reversal pattern.
.The last engulfing pattern
is a single candle that engulfs the previous day , also known as an outside day. The key is that it prints at , at least 2 week high or low. It is also called "double lovers suicide" as you fall in love with the markets movement , as the last engulfing prints but both you and the markets perish together , as the market reverses.
It is known as a "Last engulfing Bottom or Top" pattern.
The key is that the next candle print needs to be higher or lower than the last engulfing candle to confirm.
The other last engulfing pattern is a bullish last engulfing that printed today in the August oil delivery contract the front month trading now. A nutter reversal pattern. Interesting that we get last engulfing in the indexes and in oil! onthe same day.
Woodfish