Talk about a bearish engulfing candle. This one takes the prize! Ironically a few days ago the 50D, 150D and 200D moving averages all untangled, although the 200 day is still sloping down. I was thinking that biotechs were showing some signs of reversing. But the markets are correcting on expectations that interest rate rises might not be over. US markets are definitely due for some degree of correction so everything goes down it seems. Risk off.
It will be interesting to see what the weekly chart looks like after tonight's trading. The weekly chart doesn't look anywhere near as dramatic as the daily does after last night's performance.
The ray of hope is the long tail on yesterday's candle.
