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Is the top finally in? (bearish engulfing — first in MONTHS)

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JULY 28, 2023
 
   
JEFFRY TURNMIRE’S MARKET MONSTER
If You’ve Been Playing Fast And Loose… Now’s Your Last Chance For Caution.
 
 
 

The SPY did something yesterday it has not done in months!  It made a daily bearish engulfing candle. Was that the top I have been mentioning? 
THE LAST CHANCE FOR CAUTION IS NOW!

Plus, as always, we have stocks popping and dropping so come find out what is today’s potential plays are.
 
JEFFRY TURNMIRE
Bearish Engulfing and Another Other Hidden Pattern
 

If you know anything about me, you know that I’m a fan of patterns.

I don’t mean to brag, but what I see in the market tends to come true more often than not. And because of that, some people look at me with a sense of awe, as if I have a crystal ball.

But the truth? I don't have a crystal ball. I don't have insider knowledge or a time-traveling DeLorean either. Instead, my secret weapon is a close observation of patterns.

You might think it's dull, but these patterns provide a surprising level of predictability and opportunity.

Take, for instance, the bearish engulfing daily candle I talked about in today’s Morning Monster article above.

So let’s talk about that pattern. What exactly is a bearish engulfing candle?

It's a chart pattern where a small bullish candle is followed by a larger bearish one, which 'engulfs' the earlier candle's body, like this:

 
 
Basically a red candle that’s “bigger” at both top and bottom than the bullish candle before it.

This pattern often signifies a bearish trend is about to start. And we haven’t seen one on the SPY daily chart several months…

So, why does this pattern hold such weight? Its significance lies in its ability to signal a potential reversal in the market trend. Investors and traders alike use this as a sign to potentially sell their holdings and perhaps even initiate a short position.

But, I’m only scratching the surface here on patterns.

While you keep a close eye on your long positions today, I want you to join me at Noon Eastern on Ask The Pros, where I'll be talking about another pattern.

One that I've played (so far) with a 100% success rate across 50 trades.

Yes, you read that right – fifty successful trades with ZERO losers.

While past performance doesn't guarantee future success, I think you can see that so far the pattern I’ve identified fits the definition of “high probability” to a “T”.

So, if you're curious and want to learn more about this shockingly accurate pattern — and get a free report to boot — tune in to 'Ask The Pros' today at 12pm Eastern.

Hope to see you there,

— Jeffry Turnmire

 
   
 

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