SPY Bullish Hammer Candle - Risk Is To The Upside

31 août 2016

Everybody expects a correction. Sentiment isn't top-like in my view. Today's little selloff immediately triggered buying and yielded a bullish hammer candle off current range lows. The bullish hammer is further accompanied by bottoming slow stochastics, to me a signal of a fresh bull leg higher. Again, with everyone bearish out there, the risk is to the upside. Maybe NFPs on Friday will cause the breakout.