The call for this week: All of the recent tradable rallies have begun with a “long-tailed” green upside candlestick chart formation (see shaded areas in chart 1). That “green candlestick” upside move occurred last Monday (INDU +207-points) following the previous session’s upside reversal on heavy volume, potentially signaling the fabled year-end rally is near. That view is supported by the upside breakaway “gap” seen in the ProShares Ultra S&P 500 ETF (SSO/$58.73/see chart 2). But, this morning it looks like the overbought condition will take center stage, at least early, with the pre-opening futures down about 7 points as I write this.
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