SPDR S&P 500 (SPY)

[risk on]

Hammer is a great bill candle, after a sustained down turn, as it shows a cessation to selling, but where it occurred at today I'm not too sure it's a good thing. In fact there have been a couple of occassions recently where we got a hammer occurring in about the same relative position ( closer to the top, and with oscillator's higher) that beget a further downtrend . I think at best the hammer is an ambivalent sign today, and If I had to guess , based on yesterday's candle, I would lean toward the hammer being more bearish than bullish in this case, based on recent similar history .