Above is a weekly candlestick chart of the S&P500 (SPY). You'll notice the bullish hammer formation that has formed after taking out major support.
Notice also how the S&P500 has made lower highs each week for the last 8 weeks which in my opinion is an oversold market. I like the fact that we are seeing big volume over the last 2 weeks which can mean a washout and a possible buying opportunity.
Keep in mind that stocks are making lower swing highs and lower swing lows so the trend is down. If the market does indeed rally, expect a bear market rally until things change.
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