tomboy,
A candle formation used for illustration by you is misleading in a number of aspects what will be clear from the real FMG chart (shown below).
Here are a few trivial observations based on the real chart:
a) the SP is moving in a wedge formation, so technically speaking I would expect some resistance at the price level during today’s opening with a gap up to the previously closing price
b) but there are a couple of positives which still indicate that unnecessary for tomorrow for SP to move down:
1) the closing today is still in the uptrend
2) the closing is above of 8EMA
Hope this helps.
irynka
FMG Technical Analysis, page-9729
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