A Double Decker Bearish Engulfing Pattern on the SPY
The Most Bearish Engulfing Pattern I've Ever Seen
One of the traders pointed out a very unique pattern in the SPY that was unfolding, and one that I don't remember seeing in recent memory.
Typically when a stock opens above the previous day's high price action and closes bellow its lows (only necessary to engulf the candle body), it is referred to as a bearish engulfing pattern. But what's strange about the chart below is that we've now had two in a row on successive price action. Something that I'm sure has happened before, but nothing I can personally recall.
Bearish Engulfing Pattern on the SPY.