There are two very eerily similar candle patterns that shows that the last five days of trading the last five days of trading, from 6/21 through 6/27, is nearly identical to the sell-off, bottom, and subsequent rally that was formed from 3/11 through 3/17.
I came very close to selling my calls in SPY (July 129) today, but after noticing the pattern, I thought that there was a strong enough correlation there to hold my calls for another day. Yes, I do run the risk of the market selling off tomorrow in similar fashion to what we saw on Friday, after a descent gain, but unlike last week, we also created a bullish piercing pattern with today’s rally.
So I’m banking on more upside in addition to the rally that we saw today, and in the process, I think we’ll see the bears run for the exits.
Here’s the S&P Chart Comparison.
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