Weekly Bars

Interesting close to the week.  Only two weeks left in the year, think they can hold it up for that long or are we due for a correction?  Things certainly look to be getting heavy on the upside.

All weekly charts are showing bearish candle patterns.

The SPY showing a key reversal bar (though it is lacking in range); Higher Open, higher high, closing down and below the previous candle's close:

DIA - printed a shooting star

QQQQ - Hanging man with a high 33-cents shy of the '07 highs

SMH - hanging man type candle with a lower low, lower high, higher open with a lower close than the previous close.  The real body actually engulfs the previous candle's real body:

IYT - Transports putting in a key reversal bar, with a real body which engulfs that of the previous bar:

Meanwhile, the VIX tested a low not seen since April '10.  A good time to fade the move into support?