On May 08, 2012 S&P Index ($SPX) made a hammer, at a short term support zone – April ’12 low of 1357 and March ’12 low of 1340. Hammer is a bullish reversal pattern that forms after a decline. (see StockCharts). In this case, the decline has been short – only five days since May 01. Hammers signal a bullish reversal as the long…