ISLAND REVERSAL HIGHLIGHTS MARKET RISK $SPY $QQQ $IWM $HAS $TLT $TBT $TBF
On May 23, I wrote about the market forming an ominous technical pattern. The pattern I discussed was an “outside day” which is a reversal pattern. Now, days later, the stock market has traced out another reversal pattern called an “island reversal.” You can see the pattern through the link below.
Please click here to see the chart.
On the chart, trading activity for SPDR S&P 500 SPY on May 28 appears as an island. On the left-hand side there is a gap, and on the right-hand side there is a gap.
On the surface, the PowerShares QQQ Trust Series 1 QQQ and iShares Russell 2000 Index FundIWM came close to an island-reversal pattern, but did not form it.… Please click here or the title below to read more.
June 1, 2013
