Dom,
>>>>>>> Check this out: 3 Dow components developed "Engulfing
Revesal-Bearish" candle patterns - BA, DD & TRV. <<<<<<<<
Agree for a 2 day pattern it has formed the BEARISH ENGULFING pattern.
I normally also look at the 5-8 day pattern, and noticed that there were only 2 up days before BEARISH ENGULFING, which is normally too short of a uptrend period. Due to the shortness of this uptrend, 2 days, normally I would consider the BEARISH ENGULFING signal as a possible non-signal or not a strong signal. That is not say it is not a signal, but a weak one.
As I am typing the S&P futures are up 1-2 points (with fair cash value calculated in), so it is still alot of indecision in the market. At this time, before the open, todays direction is unclear.
I still feel that the greater probability for today will be to the downside, but the futures are not confirming it at this time, not that I pay that much attention to futures when they are so low. Also, I sometime consider futures as a contrarian indicator.
Seeya
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