Starting on Wednesday afternoon, the SPYs saw a lot of bear market pennant patterns. It's as though prices were falling down a set of stairs. However, it looks as though the market might be thinking about rallying. Today ended on a high-volume price spike. There is also the possibility of a double bottom today as well.
After forming an ascending triangle on Tuesday through Thursday last week, the QQQQs dropped hard, following the SPYs and IWMs lower. However, the QQQQs broke the downward trend in the last few minutes of trading on high volume, indicating a reversal might be in order.
The comments from the SPYs apply here, although without the double bottom comments.
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