Reversal Candle Into Resistance (Don't Trust The Stock Market) | S&P 500 Technical Analysis

Today's S&P 500 analysis will be focused on the daily reversal candle that formed inside the resistance zone. I Don't Trust the stock market quite yet on this Bull move. I'm still in the camp that it's a bull trap.

I will be using technical analysis to analyze the daily and 30 minute time frames.

With these inverted hammer candles, it looks to me like the price action might be slowing down to the upside and we may experience a subtle pull back in the near future. Its very possible that the SP500 pulls back to the 61% fibonacci retracement level and then bounces to make new highs.

However we will need to pay close attention to that level because if it's broken, that support will then become resistance.

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DISCLOSURE: I am not a professional investment advisor, nor do I claim to be. All my videos are for entertainment and educational purposes only. This is not trading advice. I am wrong all the time.