Candle Analysis
Market turned around towards the end and printed a Bullish “Hammer” candle.
This candle MUST be confirmed by a follow-through this week, which means, we need some bullish-supporting candles to the upside next few days for it be confirmed as a legit bullish hammer. Volume spike is good and the location of that candle is also good (see arrows) with today’s move, which means this is an ideal level for a strong bounce; again, if we can get that follow-through this week.
Let’s watch it for few more days and see what’s up.
Dow Jones Industrial Average (DIA) Daily Chart
S&P 500 (SPY) Daily chart
