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Yesterday the market produced a hammer and wound up essentially where it started. This again “coils the spring” in anticipation of a large directional move. Again the McClellan (spelled correctly this time) Oscillator turned negative. The prior day’s shooting star/ gravestone doji contrasts with yesterday’s hammer to produce what I call “dueling hammers.” Dueling hammers are almost always resolved with prices moving in the direction of the handle of the most recent hammer – in this case that would be down, and that’s what the opening is producing. Regardless, these are all topping candlesticks, of which there have been many. The technical divergences are roaring about a top! And yet here we are, simply going nowhere while we await our executioner – what will it be?
Yesterday the market produced a hammer and wound up essentially where it started. This again “coils the spring” in anticipation of a large directional move. Again the McClellan (spelled correctly this time) Oscillator turned negative. The prior day’s shooting star/ gravestone doji contrasts with yesterday’s hammer to produce what I call “dueling hammers.” Dueling hammers are almost always resolved with prices moving in the direction of the handle of the most recent hammer – in this case that would be down, and that’s what the opening is producing. Regardless, these are all topping candlesticks, of which there have been many. The technical divergences are roaring about a top! And yet here we are, simply going nowhere while we await our executioner – what will it be?
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