To further strengthen the case for a bounce in price from here, there's a reverse divergence present (higher low in price, lower low in momentum), and price looks like it closed on top of a support level.
Monday, January 25, 2010
Homing Pigeon
A bullish Homing Pigeon candle pattern has taken shape on the SPY today (likewise for the Q's, DIA, & IWM). Similar to a Harami reversal pattern, the Homing Pigeon merely calls for a close lower than the open on both candles. Confirmation of a bullish reversal is required, and one would be looking for at least a close above today's range.
To further strengthen the case for a bounce in price from here, there's a reverse divergence present (higher low in price, lower low in momentum), and price looks like it closed on top of a support level.
To further strengthen the case for a bounce in price from here, there's a reverse divergence present (higher low in price, lower low in momentum), and price looks like it closed on top of a support level.
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