The Stock Market Is Making A 'Christmas Tree' Pattern

Quick heads up.

It’s now been 14 straight sessions of alternating up/down days for the market.

Jonathan Krinsky of Miller Tabak calls this a “Christmas Tree” pattern and writes:

┬áMonday continued the “Christmas Light Pattern” of red and green days for the SPX, making it 14 in a row. The result was a close back at 1563, a common level over the past month. While this could be considered a bullish consolidation, we continue to be concerned with the momentum that continues to wane on each push back to 1563.

You can see the pattern on this chart (alas, in red and white, not red and yellow).

christmastreepattern

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