This Important Candlestick Pattern Just Appeared on the S&P 500: Chart Study

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The S&P 500 just finished its third straight winning month. Now there could be signs of weakening as May begins.

First, let’s revisit the price channel running along the index all year. SPX has been stuck at the top of that ascending range since the middle of April. Will prices retreat from the upper line?

Second, last Thursday saw a new all-time high and a lower low versus Wednesday. That created an outside day and hanging man candlestick pattern on the …

For more, please click here to view the full idea and chart analysis on TradingView.

S&P 500, daily chart, with key patterns, courtesy of TradingView.
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