The ES/SPY Bottom May Be In
Daily wick looks to indicate a bottom is in. This would be consistent with past bottoms. Big wick after mainly days of bearish movement. Sentiment is bearish. The tariffs are in, people are scared, the bulls have unwound. Retails is bloodied. Now big money comes in and buys low and squeezes the bears who think it will just keep falling. Remember T.I.N.A. too!
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Two large daily wicks seem to be indicating a a bottom is in. If not it's a fake out. The fact that it did not close closer to the high of day is a bit concerning. I would expect possibly a retrace of half of todays candle either that or quick flush tomorrow to hit the 200 EMA.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.