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The Market is giving us every reason to buy.
Hammer time
It is early in the session, but SPX has put in a hammer candle so far. Needless to say, we are at very oversold levels. Note previous hammer/inverted hammer candles led to the SPX bouncing. These types of candles post aggressive moves should be observed closely. A confirmation up, and it could be the signal for a short term bounce.
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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.