We formed a hammer candle on the daily time frame which makes sense after falling so much the day prior and then being extended into support this afternoon – had all the makings of a bounce.

$SPY is still under some pressure as we could easily form a lower high in the coming days but overall, the trend is still up. I still fully believe that this is not the time to truly be loading on the positions. Take it slow – let’s see where this pressure leads us in the coming days before we make any more major swing trades.

Banks held in there the best today which is a good sign overall for the markets – I think they will be the leaders on the next bull run higher.

$GLD perked up a little bit today which is ok I guess, needs to hold higher if it plans on building on this strength (which it has not done yet).

Overall, still a choppy tape. Will let things tighten up a bit more after the rather large range we have had before throwing on more positions, especially swing trades.

I have exams this week so I will not be typing as long Daily Analysis (s) because of that. Need to get some studying done. Have a good day and be sure to follow me on Twitter for the latest thoughts.

Hammers But Still Choppy – Daily Analysis