SPY - This month setting up for a bearish engulfing candle
Updated
A bearish engulfing candle is being created this month. Wait till end of month for confirmation. If this fails we could go higher and break the 358 level. That said, the fall is here and coronavirus cases are rising my outlook is bearish.
Note
Month of September 2020 closed without forming the engulfing candle. My outlook has changed to bullish as of October 1, 2020. The red monthly candle was about a 30 percent retracement of a move up from March 23, 2020 at a low of 213 to early September 358 price point that I see as one leg up. September 2020 candle has a long wick about half way or so back up the candle. This move up will continue higher for next few months forming a second leg up before retracing. Looks like markets are betting on Trump winning the election after yesterdays debate.
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