Candlestick Pattern Says "Its Hammer Time"

This volatility based ETF is sending us a message - Its Hammer Time for the S&P 500!

Note the hammer candlestick that formed today after yesterday's morning star.

The MACD, RSI and Chaikin Money Flow divergences are also interesting.

Then again, perhaps the Facebook IPO will trump all the charts and news from Europe and we will make new highs!

Or not.