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Yesterday, (May 22) the SP 500 index ended with a long legged doji candlestick, as shown on the chart below. The open was 316.09 and the close was 1316.63 so the real body was very small; while the day’s range vacillated from 1328 to 1310. Today (5/23) was a high wave where again the day’s range was large from 1320 to1296 with a long lower shadow, but the real body was fairly small, opening at 1316.02 and closing at 1318.86. You could also call today a hammer, but ideally you should not see any
Stocks opened sharply lower yesterday, but an early 190-point decline was erased and the major indices closed mixed with the Dow losing 7-points, and the S&P 500 and Nasdaq closing up on the day.
The Dow dropped a couple of points yesterday as an afternoon sell-off gave back all of the earlier gains, but it took a very late 50-point push higher just to bring it back to near break-even on the day.
Stocks finally found some support and rallied on "renewed optimism that European leaders would find a way out of the sovereign debt crisis." Whatever - it was relief rally due and the Dow gained 135-points, closing at the highs of the day.
Stocks tried to rally on Friday but once again, investors did not seem too excited about holding over the weekend with things rapidly deteriorating in Europe. By the close, the Dow lost 73-points, making it 6 consecutive losing days.