SharePlanner Reversal Indicator: 'Tis the Season
December 3, 2012 - 2:51pm
SPRI shows the Santa Rally is upon us
I think a lot of bulls out there today are disappointed we are not ripping 20-30 points higher on a day that is notorious for being bullish. But we're not and instead have given up all the day's gains and then some, so far.
However, the SharePlanner Reversal Indicator is painting a completely different picture. It is pointing at a Santa Rally for the bulls and the weekly chart is showing the possibility of a huge longer-term rally on the horizon if we are in a new channel pattern as shown below.
The biggest issue looming over the markets right now is the Fiscal Cliff. If that gets resolved it should lead to a new wave of buying for the markets.
But as always...we shall see!
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