To learn more click here
The S&P 500 index fell during the session on Thursday but found a bit of support at the 1420 level. The resulting candle was a bit of a hammer, and this does suggest to us that we may continue consolidating between 1420 and 1460. With this in mind, we are willing to go long on supportive candles via the short time frames.
Alternately, if we managed to break the bottom of the range for Thursday's trading session, we would be willing to short the futures markets as we would head down towards the 1400 level.