Candlestick pattern on today's S&P hourly chart

[MacroEvent]

Quote from reno4nook:

rough crowd here at ET, as usual....

All I'm suggesting is that the odds of the market gaining the next couple of days are good. Nothing more than the next 2-3 days. And always use a stop, just in case.

fyiw...The last time I saw a good looking hammer was on the daily chart. It occured at the very bottom of a 2 month decline in April.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=48792

Today's hammer on the hourly chart does not fit the definition of a classic pattern like the one in April did.

But I still thought it was worth noting. The very high volume was interesting.

The next couple days should be a good swing trading opportunity to the up side.

cheers,

how did you miss this one???

http://www.ttrader.com/mycharts/display.php?p=35537&u=macroevent&a=MacroEvent&id=1511

that was the best hammer of the year on July 7th!

 

[Dell-Boy]

so would i be correct to say there is a hammer on the ES & $INDU???

 

[Dell-Boy]

?

 

[Apex Capital]

Looks like some decent support at today's ES Pivot of 1196.60
Could see a mild push to the upside around 3PM EST on further short-covering only to fade in the last half hour.

Stay nimble.

http://www.vtoreport.com/sentiment/sentiment.htm

 

[murray t turtle]

Quote from dis:

Intra-day candlesticks are mostly meaningless.

===============
True,but end of day SPY,QQQQ many energy stocks are higher than yesterdays close.

Higher lows & many of them also in the above stocks sectors;
technical wise its still a bull market you know.

DIA, major airlines still look weak;
but 4th quarter tends to uptrend in tek stocks,
even in wild OCTOBERS.