SPX Technical Analysis - Spinning Top Candle on Thursday.
Bullish or Bearish?
Bullish Pros:
- Gapped up over 50D MA and technical resistance, as expected, after a reversal
- Maintained the gap and closed on former resistance now support; initial sellers failed to close the gap
Bullish Cons:
- Stopped at the middle Keltner resistance
Need Friday's candle to confirm whether it is bullish (pause) or bear (exhaustion) spinning top.
McClellan Summation Index, the swing trend indicator, still points lower.
