The spinning top candlesticks printed across the major indices and sectors that I discussed on my video market recap last evening are seeing some decent upside follow-through today. To be sure, the bulls have a ton of work ahead of them next week, assuming things do not fall apart into the close today. While the action underneath the surface seems muted and lacking real energy for a broad market rally, it is a summer Friday, so many traders are already gone for the weekend.
Looking at the weekly chart of the S&P 500, we can see that the weekly candle is in the midst of printing a spinning top as well after six weeks down prior. Assuming we close in a manner that does not change the nature of the candle today, once again the bulls will need to show upside confirmation to the possible reversal candle denoted by major indecision.
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