Technical Analysis: Beware the Gravestone Doji

You sneer at 'Hindenburg Omens', you eat 'Death Crosses' for Breakfast.
Alright tough guy,
E-Mini S&P 500: Bulls beware the gravestone doji!

From Inside Futures:

The E-Mini S&P 500 made a large extension higher early on the US Unemployment Report this morning as 120,000 new jobs were created bringing the US Unemployment down to 8.6 %.  The analyst's forecasts which were honed down as we drew to today were in range.  The slightly better than moderate growth in the US has some optimism, but it is a cautious one as traders sold into the close alas the "gravestone doji" on the Daily Chart. ...MORE

From Investopedia:

A type of candlestick pattern that is formed when the opening and closing price of the underlying asset are equal and occur at the low of the day. The long upper shadow suggests that the day's buying buying pressure was countered by the sellers and that the forces of supply and demand are nearing a balance. This pattern is commonly used to suggest that the direction of the trend maybe be nearing a major turning point....MORE

The manly men at FX Words scoff:

Direction: Bearish
  • Type: Reversal
  • Reliability: Moderate to Weak