RP: As I have stated, a "rescue stick" is my term. So you won't find it in a candle book. It is a small body (red preferably) or doji with a long shadow down to a lower trend line or a bb when the market is in a downtrend (uptrend is different story)like on the SPX. It suggests that the buyers had power to reverse intraday but because it did not close at the lows the low is not resolved. It suggests at least a revisit to lower shadow point if not a breach of that point.
Right here at the 10 dma on the SPX which is roughly the upper trendline, trading indicators on the SPX are borderline extremely overbought and so if we are in a downtrend still, this should be about it for the rally for today as far as upside goes.
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