Wednesday, August 3, 2011

S&P 500 ~ EOD Update ~ 3 August 2011

Another crazy day!

The SPX opened at 1254 and then plunged to 1234.56 within an hour. For the rest of the day the SPX rallied and closed at 1260 forming a nice hammer:

As you can see in the chart above a hammer often marked a short-term or even an intermediate-term bottom. So, most likely the low is in (at least for the next few days).

I'll have more charts tomorrow morning before the open (EW count, targets for this bounce and a fractal).