Doji in SPY

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There was a gap down today and then a doji formed in SPY. Several markets made reversal candlesticks today. US dollar made a possible bearish candle, but I don't expect a true trend reversal. Oil made a bullish reversal. Stocks made a reasonable bullish reversal, helped by the S&P touching its 200 day simple moving average.

So based on historical comparison and daily oversold conditions, we should expect the market to rebound from here in a tradeable fashion. But I would absolutely have stops immediately in if going long. I personally am not interested at this point at trying to play from the long/bull side though.

Also the lower bollinger band is pointed down and it may be best to wait for it to curl up to indicate some stabilization before attempting going long if you desire to do so.