It is my duty to inform you that today $SPY price action constitutes a confirmation of yesterday bearish hanging man candlestick pattern.
Take a look at the daily chart below. Yesterday price action tried but could not take out the high of 04/11/2013 and a hanging man candlestick pattern was formed. Today down day confirms the bearish sentimental. Be wary of further downtrend this week.
Below is the primer on Hanging Man candlestick pattern:
My 2 cents.If you enjoy the content at iBankCoin, please follow us on Twitter