For those receiving the automated emails for new post notifications, please be aware that there is an occasional glitch that occurs when sending multiple images, such as the last post regarding the bearish engulfing candlestick patterns on the QQQ & SPY. I plan to have the issue resolved asap but until then, if you receive any email notifications with images that don’t match the text of the new post, just click the link to visit the site where you will be able to view the post in it’s entirety with the correct images.
FWIW- The SPY & QQQ both did manage to put in those engulfing candlesticks at the close today. Looking at the past couple of similar patterns that I circled on the QQQ daily chart in the previous post, both were followed up by a substantial gap down the following day (one on a Friday, the other on a Monday). Therefore, although I can’t give specific investment advice, I can tell you that I certainly won’t be trying to buy the gap down if we get one on Monday. On the contrary, I will most likely deploy what little dry powder I have left after adding to my short positions yesterday and today.