Okay, please excuse the subtle reference to the upcoming Star Wars movie that will be released next week.
However, the SharePlanner Reversal Indicator is, despite a treacherous market, exhibiting some surprising behaviors that suggests a bottom to all of the selling of the past two weeks will be coming to an end and the SPRI now suggests a Santa Rally is in the cards.
That’s good news for those looking to play the strong December seasonality trends. In fact, if the market gives us a strong rally tomorrow, we could even see a reversal to the upside confirmed, but more than likely that reversal will come next week.
The flat lining on the SPRI is a great sign for the bulls, and suggests that bears should really give strong consideration to covering their short positions here.
If the indicator confirms by tomorrow, I’ll post an update to this chart so stay tuned.
Here’s the SharePlanner Reversal Indicator:
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