The major stock indices in the USA formed a hammer candlestick signifying power in the market; buying pressure in the latter part of the day. Over the next some days this strength was evident, in a jagg4ed way, as stocks moved higher. The Standard and Poor’s 500 Index traded in a relatively narrow range, with the high of the day being close to the same candlestick chart on each day.

Obviously this price was seen by traders and investors as a limiting cost of the market. Less order to buy about this level was being place. At the same time the lows of each day were starting to be closer to their respective highs.