|Simple Trading Ideas||
The daily chart for SPY shows that yesterday's red candlestick and today's white candlestick completed a piercing pattern. In a piercing pattern a white candlestick follows a red candlestick both of them having relatively large bodies. It's a short term bullish reversal pattern. Today's white candlestick opened below yesterday's close and closed above the midpoint of yesterday's red candlestick. That's what makes these two candles a piercing pattern. Also notice that today's white candle found support on the 50-day SMA. As I mentioned this could be only a short term bullish reversal.