Previous Related Article: “Bullish Hammer, Needs Confirmation SPY DIA”
Hourly-Chart Facts
- Bullish “Island Reversal” is still in effect (Bullish)
- Gap from yesterday is still open as of today (Bullish)
- Horizontal and downtrend resistance is at $206.97 (Bearish if we can’t clear above it)
- $208.98 and $210 are the next resistances
SPY 65-mins Chart
Daily-Chart Facts
- Bullish “Hammer” candle is still gathering supporters (last two days) to push its agenda (Bullish)
- Location of the Hammer is prominent — it’s exactly the same pivot level as where we threw a “Shooting Star” candle just few months back (Bullish)
- Gap needs to be open for this momentum to continue, so far buyers are protecting it (Bullish)
- Minor-term forecast is bullish given the parameters
SPY Daily Chart
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