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Candlestick Of The Day: 8/28/23

On the 4 hour timeframe on $SPY, this candlestick came up. What would you call it?

Could be a doji, could be a dragonfly. Either way, essentially what that type of candlestick tells us is that bears pushed the price down, but the bulls stepped in for support in that area.

That area of support is 440.85 - 440.90.

What SPY could not do was get over the resistance level above that around 443.23.

Another thing to note is that we are getting a rising price, with lowering volume.

This can illustrate that the move up is not being confirmed by the bulls. This does not confirm an uptrend yet in my opinion because there has not been a break of any major levels yet with convincing and increasing volume.

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