Stocks staged an impressive rebound off the lows of today’s trading session. After falling more than 2.4% stocks closed the day in positive territory. Interestingly, the market put in what’s called a “Japanese Hammer” pattern at the close. “Hammers” designated by the long skinny tail and green body in the chart below can be useful tools pointing to market turns. The “hammer” is textbook in that it has occurred after a considerable selloff into correction territory by the S&P 500. Simply, the market made a stand this Monday in spite of the fear and global disturbances, and buyers gobbled up shares, as willing sellers were anxious to part with them.
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