This move is a reversal from the day prior, which saw price move up.
It’s been a feast for bulls operating on an hourly timeframe, as syy has now gone up 4 of the past 5 hours.
The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
Price action traders may also wish to note that we see a pin bar candlestick pattern on syy.
NYSEARCA:SDY, NYSEARCA:SDIV, NYSE:T, NASDAQ:TROW, NYSE:CL, NYSE:SYY