5/14/10 - SPX EOD [Updated 5/15/10 830 AM - Weekly Inverted Hammer?]

 [Updated 5/15/10 830 AM - Weekly Inverted Hammer?]

  SPX - WEEKLY INVERTED HAMMER?

Per stockcharts.com, "The Inverted Hammer looks exactly like a Shooting Star, but forms after a decline or downtrend. Inverted Hammers represent a potential trend reversal or support levels. After a decline, the long upper shadow indicates buying pressure during the session. However, the bulls were not able to sustain this buying pressure and prices closed well off of their highs to create the long upper shadow. Because of this failure, bullish confirmation is required before action. An Inverted Hammer followed by a gap up or long white candlestick with heavy volume could act as bullish confirmation."

This next week will be interesting to see what type of candle prints. For the bulls, a gap up or long white candle will be good confirmation. It is OPEX (Options Expiration) week. 

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SPX - 5 MIN

I have a few more potential labels for the 5 min above. I'll try to update them over the weekend.

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SPX - E-MINI

SPX - E-MINI- CLOSEUP

Here's a look at the SPX E-mini. I like this count. What a perfect retrace at 61.8% . If one more wave down is required, it may possibly target the mid-channel (light blue) line, which is still at the 61.8% retrace.