Engulfing Red Candle and Dark Cloud Cover

Spx 500 Daily Chart 09-23-09

This is an Engulfing Candle Pattern
which is also a Dark Cloud Cover. Key Reversal Formation.

This also known as a Swing Signal when the close is at the low of the day.

Very Nasty sell off in last hour of trade right after the FOMC report.

This could very well mark the turn of the trend.
The next few days will tell us what is next .
Tomorrow, I expect to sell any rally up to Spx 1070 and Exit at or below 1060

SPX Hammer Candle Pattern

SPX 500
We didn't get the Swing Day Trade we expected but the Market has put in a better signal.
This is a Reversal Candle Hammer Pattern
We will see how this plays out for the rest of the week.