COTD: 8/8/23

Candlestick Of The Day

SPX and SPY ended with a very unique candlestick on the daily timeframe.

What is it exactly? Let's take a look.

Doji - Indecision candle, can be indication of trend reversal given the indecision and considered as a sign that a prior trend is losing its strength.

Dragonfly Doji - Traditionally a bullish candlestick pattern that has a long lower wick which shows resistance from the buyers and their attempt to push the market up.