December 26, 2024

Hey, Ross here! The Equal-Weight S&P 500 Index (RSP) just posted a bullish engulfing candle the day after Fed Day, joined by similar patterns in the S&P 500 and Nasdaq. This means the bears started strong, but the bulls completely took over by day’s end—a powerful signal of momentum. Even better, the follow-up price action confirmed the pattern, and this wasn’t just driven by the Magnificent 7—it was broad-based. Plus, key support levels held firm in the S&P 500. These signs all point to healthy price action. I break it down further in today’s Insight of the Day.

Hey, Ross here! The Equal-Weight S&P 500 Index (RSP) just posted a bullish engulfing candle the day after Fed Day, joined by similar patterns in the S&P 500 and Nasdaq. This means the bears started strong, but the bulls completely took over by day’s end—a powerful signal of momentum. Even better, the follow-up price action confirmed the pattern, and this wasn’t just driven by the Magnificent 7—it was broad-based. Plus, key support levels held firm in the S&P 500. These signs all point to healthy price action. I break it down further in today’s Insight of the Day.