Yup, the market got the big hammer again today as we closed at the lows on the SPY. However, that’s not the hammer I’m referring to. I’m talking about this guy:
The SPY chart is very interesting at this level and the inverted hammer gives me pause and makes me think that maybe, just maybe, we’ll bounce back up tomorrow. Of course, we’re in a news driven market and anything can happen, but the inverted hammer is often a sign of a bottom of a downtrend… no promises, but definitely has me thinking. With this in mind, I’m going to toss a few stocks on the Swing Watch List tonight in anticipation of a bottom. If it doesn’t happen it doesn’t happen.
More on inverted hammer. near bottom of page.
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