The bears were given something to chew on with an outside reversal day for SPY. First, a reversal formed when Wednesday's high was above Tuesday's high and Wednesday's close was below Tuesday's close. Second, an outside day occurred because Wednesday's high was above Tuesday's high and Wednesday's low was below Tuesday's low.
Click this image for more details.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
Learn More
