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A Double Decker Bearish Engulfing Pattern on the SPY

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October 25, 2012 – Comments (0) | RELATED TICKERS: 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

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