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Candlestick pattern on today's S&P hourly chart

  1. Interesting candlestick for today's price action occurred on the S&P hourly chart...

    This looks like a hammer - which is a strong trend reversal signal. The upper shadow is a little bigger than I'd like, otherwise, this is a classic hammer pattern.

    Hammer characteristics:

    Small real body
    Very long lower shadow
    Small or no upper shadow
    Occurs after a sustained downtrend

    a couple other Bullish points.

    Occurred on a very high volume hour
    Extra long lower shadow
    Body color opposite from downtrend
     
  2. chart
     
  3. If this is all you've got in the locker, I'd be very worried.

    Note that I'm the only person bored enough to warrant a bite on your thread.
     
  4. All the guy did was post a chart and make a comment ?????
     
  5. It was a tad harsh I admit. In a spectacularly bad mood which is not trading related before anybody asks!
     
  6. Intra-day candlesticks are mostly meaningless.
     
  7. 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,
     
  8. No Problem (hope you sort it-out) The past 3 days have been a good harvest , The market does need a bounce if it does not happen ,I can see a drop too 1166ish, or 1181 for the channel on (ES) The market is ready for a bounce though.Lets see what happens over night and in the open hours ??
     
  9. ... and therefore apologies, but I do think that the chart/comments were a bit thin and I pounced on it. It's not a productive thing to do- I'll be a bit more constructive next time.
     
  10. no problem..

    I prefer the simple approach, so I posted a simple chart.

    A great many people think that trading is extremely complicated.

    Some think you can't possibly stand a chance in the markets unless you have a 5 monitor setup & view 20 charts at a time - each with 8-10 indicators on them.

    I disagree.
     
  11. how did you miss this one??? :D

    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!
     
  12. so would i be correct to say there is a hammer on the ES & $INDU???
     
  13. ?
     
  14. 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
     
  15. ===============
    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.

    :cool: