Thursday, May 27, 2010

Trader's Narrative (Babak) -- Inverted Hammer (Bullish for SPY)

Babak at Trader's Narrative has good track record of leveraging investor sentiment combined with technical analysis to identify major trends and counter-trend.  This week's charts have been showing good chance of reversal pattern using the Inverted Hammer.  Here is the latest (May 26, 2010 posting): Inverted Hammer Pattern Signals Trend Change.

DECISION:  Continue to monitor Babak's interpretation of the market.  If this turns out to be the intermediate-term bottom, then monitor the blog for the next resistance point (maybe the technicians will say SPY $115 or $117.5) or maybe the next time reversal (few weeks or few months?).

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