SPDR S&P 500 (SPY)

[learningboutinv]

Woodfish, thanks for the heads up. I just did some research on the pattern. At first I could only find references to the Last engulfing/double lover's suicide on tops. But they appear to also happen on the bottom. I would feel better if the selling volume was higher today then yesterday. May be it's not a big deal though.

From Beyond Candlesticks: New Japanese Charting Techniques Revealed By Steve Nison

"...the September lows, there was a last engulfing bottom. One of the more interesting aspects of this chart is that the volume on the long black candle session was unusually high. This could be viewed as a selling climax. This increased the chance that the last engulfing pattern was a bottom reversal."