Chart of the Day - Friday, June 10th, 2022
June 10, 2022
Today’s Chart of the Day was shared by Rob Moreno (@rightviewrob). From top to bottom, we're looking at weekly candlestick charts of the Dow, S&P 500, and Nasdaq. Rob points out that all three indexes have formed a bearish reversal pattern known as an "evening star." The evening star pattern consists of three candlesticks - the first candle is a large-bodied white candlestick. The second is a Doji candlestick, which symbolizes indecision. The third candle is a large-bodied red candle, representing a resolution to the downside. Unfortunately for the bulls, this pattern suggests continued weakness in the coming weeks.