Chartology: The Hammer Candlestick of Thor Says We're Going Higher

The S&P 500 hit an all-time closing high but fell a few ticks short on the intraday. The DJIA cleared both.

I added 'Thor' because I didn't know where to put the umlauts for that "bad-assed and scary in a quasi-heavy-metal manner"* feel.

In Japanese candlestick charting the formation is just a hammer. See Hammer and Hanging Man at Stockcharts.

From SafeHaven:

SPX ends the month of October with a massive Hammer candlestick, which removes the scenario of a deeper correction. Hence higher prices should be expected in an extension of the pattern from the October 2011 lows.

(click to enlarge)

Where are located the next resistance zones?

In the weekly chart we can see that above the September peak (2019.26) we have:

• The upper Bollinger Band which coincides with a trend line resistance from the July 2014 peak at 2036 +/- (If the Ending Diagonal scenario pans out this trend line should no be breached)
• Long term trend line resistance in force sine May 2013 which by the end of December will stand at 2095 +/-

Regarding the weekly time frame supports we have:

• Support 1 at 1986
• Support 2 in the range 1974-1968 (If the up trend has been resumed the 20 w ma should hold)
• Support 3 at 1951

...MUCH MORE

*See: After Downgrade by Chinese Rating Agency Ünited Stätes Toughens Image With Umlauts