Can you elaborate please? (If you mean it is bullish because I'm shorting I guess you know how I feel about that: GL to you )
It depend on the stage of the move. Right now the SPX, NDX and other indexes are at 50 MA support. The best bull moves starts after the bear trap. I think that last week action was a Bear trap. Some people call this pattern as PVP reversal (daily chart). You can see reversed head and shoulders forming on the $RUT. Dow theorists call it higher low after higher high. But the prove will be on Monday - Wed of the next week. If market breaks the 50 MA support on the Daily charts - all bets are off. We are going for March high test otherwise. I usually right 6-7 times out of 10. So rely on your own conclusions. If you think that the market going down based on the bearish enguilfing alone - you might be wrong. I would advise you to use a mental stop and good luck to all.
ADBE is ugly http://stockcharts.com/h-sc/ui?s=ADBE&p=W&b=5&g=0&id=p11534395192 NTAP likewise http://stockcharts.com/h-sc/ui?s=NTAP&p=W&b=5&g=0&id=p77033373200 MSFT closes at new low http://stockcharts.com/h-sc/ui?s=MSFT&p=W&b=5&g=0&id=p80234529408 The river STX http://stockcharts.com/h-sc/ui?s=STX&p=W&b=5&g=0&id=p80234529408