The S&P 500 failed to follow through on yesterday’s hammer candlestick pattern. The SPX fell, today, on higher volume. However, the S&P was able to hold key support around 879. A close below 879 on higher volume would confirm a breakout from the recent trading range a signal of a bearish shift folowing the runup that began in early March.
S&P 500 Daily Chart
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I am an amateur trader and investor with over 15 years experience in the stock market. I was bred to be a fundamentalist and followed fundamental analysis until 2009. Following the 2007-2008 bear market, I began to shift from a buy-and-hold strategy to trend-following techniques.