I am just putting this post out as a heads up for a possible new trade this afternoon. However, I will probably not post until the last half hour even if I do put in a new trade. The reason being is that today looks like it could form a bearish engulfing pattern on SPY and several sector ETF's, but the battle is won or lost at the close, so I want to wait as long as possible to have the best idea of whether it will close weak or not.
This is right at the fill of the gap/window from the large gap down from Oct 6 last year on SPY. Looking at the different indexes (S&P, Dow, Russell, Nasdaq) there are several charting reasons between them to act on any reversal candlestick. Also, the US dollar may be forming a bottom reversal candlestick as well.
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