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The Market Ear with more.
The power of the hammer candle
Last Monday we pointed out the powerful hammer candle in SPX. We wrote: “Watch these type of candles post sell offs, as they can be the first signal of markets about to bounce. We saw a similar candle set up in early November.” Fast forward to today and we are some 260 points higher, with SPX futures trading above the 50 day again. It would be a shame not to try the ATH “magnet”…
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.