DEFINITION OF 'OUTSIDE REVERSAL'
A price chart pattern in which a security's high and low prices for the day exceed those of the previous trading session. The outside reversal pattern is called by candlestick chartists and analysts a "bearish engulfing" pattern if the second bar is a down candlestick, and a "bullish engulfing" pattern if the second bar is an up candlestick.
INVESTOPEDIA EXPLAINS 'OUTSIDE REVERSAL'
An outside reversal is a price pattern used by technical analysts to help identify potential bearish or bullish price movement in a particular market. It occurs where a price bar falls "outside" of the previous price bar, where its high is greater than the previous bar's high and where its low is lower than the previous bar's low. In general, if the outside reversal occurs at a resistance level, it is viewed as a bearish signal; if it occurs at the support level, it is viewed as a bullish signal.
I would expect support at the 150 dma (pink line @ 1985) to be tested soon.
The 200 dma (yellow line @ 1959) is additional support.
Resistance lies above at the 9 dma (grey line @ 2029) and the 50 dma (red line @ 2042).
Bank stocks are reporting and judging by my friend Dave Nelson's preview, the fundamentals aren't going to be able to compensate for the technical risk this market faces.