Who stole the Christmas rally Wednesday Dec 16th

Evening troops.

Unfortunately we didn’t see that 2-bar reversal formation materialising today to kick off a Santa rally (there’s still time Mr Grinch) – last year as I highlighted last night it kicked off on the Wednesday of the week before Christmas – perhaps this year we have to wait till the Fed finally delivers its long-awaited interest rate decision (or a another reprieve).

In the meantime, we can only focus on what the market signals are telling us. On the chart, those signals are looking increasingly negative – and today’s rejected backtest candle looks about as ugly as it gets to me - see my comments in the chart below.



As always, trade safe. Cheers, Sharks.

PS: Great to see your post RB - very timely - and very interesting to see the adv/dec RSI, I hope you are right.