$QQQ and $SPY just printed a bullish engulfing candle on the 2-week chart, completing what the author calls their favorite Bollinger Band Combo setup. This is a technical reversal signal suggesting the recent pullback may be done.
Interesting note on three black crows: while it's classically bearish, by the time that third candle prints, the correction or short-term downtrend is often already over. Classic case of the pattern arriving late to the party.
If you're watching these indices, this setup suggests we could be turning back up here. Worth monitoring whether follow-through confirms or if it's just a head-fake bounce.
Interesting note on three black crows: while it's classically bearish, by the time that third candle prints, the correction or short-term downtrend is often already over. Classic case of the pattern arriving late to the party.
If you're watching these indices, this setup suggests we could be turning back up here. Worth monitoring whether follow-through confirms or if it's just a head-fake bounce.