Flyeguy99,
>>>> Not a "hammer" on NDX,
NDX opened at 3505 and proceeded to go up from there all day, qcharts has painted a hammer cause they used the previous days close as the open on the NDX for Friday which is NOT correct. <<<<
Good catch. I did not think of checking it since the SPX and OEX were HAMMERS. As for the SPX and OEX, those HAMMERs could be misleading, since the individual issues do not open up at the same time.
>>>> look at the COMPX or QQQ chart in which this did not happen, it correctly put up a bullish engulfing stick on Friday <<<<
Actually the CANDLESTICs on the COMPX and QQQ are bearish formations not bullish, although not perfect. The COMPX has an imperfect "ON NECK BEARISH" formation. The first day of the pattern(THUR) should have been a LONG BLACK day, and the 2nd DAY(FRIDAY) should not have been that long, therefore it is not perfect per the textbook. Not that I always follow the textbook, as long as the phychology of the candlestic pattern is similar.
On the QQQ, the candlestic pattern is also bearish, and is called a "THRUSTING" pattern, but again not perfect. Both patterns imply continuation to the DOWNSIDE NOT upside.
The reliability of both patterns is only fair to low, but they are not bullish patterns. |
