Mid Week Review

What a difference a day makes! It is well known that many markets reverse trend over long 3 day holidays like Memorial Day where either Friday or Monday the market is closed. Here is a perfect example with the SPY. This first chart is as of the close of the market BEFORE the long weekend. Notice the sell off on the hourly chart and the close below the 50 week moving average. Click on image to enlarge.

And here is AFTER the long weekend and notice how the hourly and 240 min charts show the short term sentiment has turned bullish. This is a trend reversal pattern that has occurred over a long weekend. Click on image to enlarge.