Daily Chart
A hammer and the hanging man have the same form but, while the former appears during a downtrend the latter appears during an uptrend. Both are reversal patterns. Since the S&P500 is now at crossroads, it is difficult to identify the pattern.
Delving more deeply we can see that a lower top and a lower bottom was formed yesterday. Also, the right shoulder of the bearish head and shoulders pattern seems to be forming .Lower top at 1200 has been made.So identifying it as a hanging man seems more relevant.
Resistance at 1200 and support at 1185.Delving more deeply we can see that a lower top and a lower bottom was formed yesterday. Also, the right shoulder of the bearish head and shoulders pattern seems to be forming .Lower top at 1200 has been made.So identifying it as a hanging man seems more relevant.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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