As of 1:00 pm ET today (April 4), the daily Heikin Ashi candles on the SPX haven't flipped from red to green, yet.
Nor have the DJIA, NDX, COMPQ, RUT or OEX HA candles.
Nor have the FAANGs HA candles.
However, yesterday and today's HA candles on the 10 YR T-Notes have flipped from green to red (so far). Do we have a potential reverse Head & Shoulders formation in the making?
If we see a neckline breakout soon that holds (and thwarts that scenario), further equity weakness may continue (watch for the momentum indicator to remain above zero).
Otherwise, such a formation may develop over the next couple of weeks with equities gaining some strength, albeit on elevated volatile price swings. But, first, we'd need to see a green HA reversal candle form and hold on the SPX and the other major indices.
* UPDATE after the close...
Today's HA candle closed just slightly in the green on the SPX...we'll see if that holds and whether a meaningful and sustainable upside reversal comes into play.
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