Stock market indices print bearish engulfing candle

Bearish engulfing candle printed on all market indices. Watch how Friday's candle totally engulfs Thursday's white candle. This is a bearish setup which will display further weakness in the short-term. Watch for support at Fibonacci 61.8% retracement. I have initiated shorts in MELI and MOS on Friday to take advantage of this weakness.

From the long-term perspective, the weekly chart still holds well and the turnaround bounce should also hold well this week.

We have many economic news and Fed meeting this week. So more volatility. Good Luck !!