Crumbs from Relief Rallies

Crumbs from relief rallies are when the trend is down, and traders take advantage of short-term rallies into resistance or the bearish downtrend line. The SPY ended yesterday with a Doji, and when you place it next to the previous day, you have a Doji Continuation patt5ern. Of course for the pattern to work, we must have followed through. Price action above $274.60 would be a step in the right direction, ultimately price action over $280.60 would set the SPY up for a challenge of the October highs. Price action failing the $274.60 area could lead to a retest of about $268.45 or even lower. Please note the trend is still the seller’s friend and buyers are picking up crumbs from the relief rallies.

On Track This Year 362%

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