The S&P 500 ETF (SPY) formed a rare bearish candlestick reversal pattern over the last two days. The Bearish Meeting Lines pattern forms with a white candlestick and a black candlestick that have relatively equal closes. In particular, the black candlestick reflects a strong open and a weak close. A move below the white candlestick low would confirm this pattern.
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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.
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