tweezers tuesday

spx put in a tweezers bottom last night, restesting the very important 1490 in the process and bouncing before coming off just prior to the close. The tweezer bottom is a short term swing bottom usually. As this tweezer bottom follows a previous tb about 12 days ago, together they almost pass as a double bottom formation. The only requirement not met for a double bottom is that the bottoms be at least 15 days apart.

The strength of the most recent tweezer bottom was diluted somewhat by the late selloff. If such a bottom indicates that the bulls are back in charge, then I'd also expect a green candle finish at least, if not a close above the previous close. Neither was provided. Again it was a case of a rally on the back of a drop in supply, which just declined more than demand, tho both declined. Not the sort of rally to bank the house on. ha ha.. 'bank' the 'house' .. thats the usa nightmare atm eh..

One trading idea for eod traders would be to go long from here with a stop just below 1490.