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.
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.
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.
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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