Per Richard Wyckoff, an upthrust is a candle that rallies hard on heavy but drops back close to the starting point, putting in a long wick. This is a sign of distribution by the large players, who have to the ability to pump the market up, generate excitement drawing in retail investors, and then the large players sell into the pump leaving the retail investors holding the bag. To be clear, today's candle, because of the larger lower body, does not totally match Wyckoff's criteria but I'm going to call it an upthrust until proven otherwise. Confirmation comes with a close below today's $SPX low of 1826.99, and it doesn't have to be tomorrow. If we close below 1826.99 before we close above today's high of 1847.50, then it's an upthrust and a clear sign that the large players are locking in profits and exiting to the cheap seats.
Just want to make note of the pretty clear pattern on the chart and to point out that patterns appear in down trends so this pattern should be considered a potential reversal pattern. If this does in fact turn out to be a valid , then confirmation comes with a close below the 1740 area. I won't wait that long to unload my UPRO .
The bottom line is that we need to see $SPX turn around and take out 1847 and then 1850 and keep going and we need to see this happen pronto. Otherwise, it is possible we've just put in a and we should be looking for support somewhere in the mid 1600's.
Be careful & GL
Thanks for your comments, & GL