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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.47+0.6%4:00 PM EST
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To: el paradisio who wrote (48470)4/28/2000 12:33:00 AM
From: John T.  Read Replies (2) of 99985
 
No Dark Cloud Cover on GE.

El Paradisio, I don't see a dark cloud cover on GE for 4/25 and 4/26. A dark cloud cover exists when a long white candlestick is followed by a black candlestick. The black candlestick opens above the white candlestick's high and closes well into the white candlestick's body. Interpretation = A bearish reversal signal during an uptrend.

GE's high on 4/25 was 166 5/16. GE opened at 166 1/8 on 4/26. Therefore, there was no dark cloud cover because the black candlestick (4/26) did not open above the white candlestick's (4/25) high.

Here's what MetaStock Professional (charting software) says about today's GE candlestick:

A white body occurred (because prices closed higher than they opened). During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white candles.

An on-neck line occurred. This is a bearish pattern where prices should move lower when the white candlestick's (i.e., the most recent) low is penetrated.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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