it would not be smart to go long. not yet.
we are at 2017 levels on spy . there is no way anyone can tell me we are in a bull market.
times like this require courage to stick to your judgement and not let the market play you.
many people thought after a 3% down day that we will have a relief rally. which is the reason we probably won't. the market always does the opposite of what the majority think...
Three Outside Down Trader Psychology
The first candle continues the , with the close higher than the open indicating strong buying interest while increasing bull confidence. The second candle opens higher but reverses, crossing through the opening tick in a display of bear power. This price action raises a red flag, telling bulls to take profits or tighten stops because a reversal is possible. The security continues to post losses, dropping price below the range of the first candle, completing a outside day . This increases bear confidence and sets off selling signals confirmed when the security posts a new low on the third candle.
happy trading fellow dreamers.
good luck to you