I noticed this nice setup on the 1-hour S&P 500 futures chart. The Pin-Bar is very long and the RSI (Relative Strength Index) has been steadily rising today, which is showing a lack of selling momentum. I trade these kinds if patterns on several different time-frames and markets, and they do work quite well.
S&P 500 chart:
Dow chart:
I also checked the Dow futures 1-hour chart, and the same pattern is there as well, but there is an added bonus. The Dow setup has formed right at the extreme low from 10/16/2014. The Dow has not traded anywhere near 15548 since that day in October of last year, so the location of this Pin-Bar setup is absolutely perfect. Will we see a reversal tomorrow in the Dow and S&P500?? I can's say that with a 100% certainty, but the odds are pretty good!
