US Markets Going For The Bullish Engulfing Hat-Trick

We had a semi-sizable gap lower across US markets this morning and this was following up yesterdays weak end of quarter session. Things looked ugly as breadth was strongly negative, skewed in the bears favor and many stocks were following through to the downside. But as today’s session marched on, all of the sellers seemed to have disappeared and we were left with markets quietly trending higher.

The $QQQs are leading the action today and notice the bullish engulfing bar eating up yesterdays (and almost Wednesdays) price action.

qqq_4_1

The $SPY is nearly there trying to put in a bullish engulfing day as well, and it will need to hold above 206.41 to make that happen by the close.

SPY_4_1

More of a stretch is the $IWM which is putting in a good rally but it still has work to do and needs to get above 111.17.

IWM_4_1

Engulfing days are one of the most bullish formations out there, and to get multiple indices covering up yesterday’s price action is a good sign this rally has more left.

The bulls are not dead, as much as you may want them to be.

 

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Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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