It might be tough to make out the hammer candlestick on the stretched-out 30-minute SPY chart below from earlier today, but that represents the best chance the bulls have at staging an afternoon upside reversal.
Clearly, going back to the November 16th lows, the initial rally is correcting. The issue is whether we are on the cusp of a complete Fiscal Cliff rollover into New Year’s, or instead can stabilize around here and resume the rally, since the 11/16 lows are still good. It would behoove bulls to keep things above $140 into the bell, at a minimum.
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