Reversal Indicator technicals shows the potential for a sustained bounce
I've been skeptical of this week's bounce believing that much of it has to do with the historic bullishness of Thanksgiving week, amid a very oversold market desperate to bounce, but we are showing on the SharePlanner Reversal Indicator below, a glaring signal for a continued move to the upside.
That's great news for the bulls and a warning signal that it may be too soon to reload on this market to the short side on the belief we are only seeing a dead-cat bounce from right now.
I've closed out all but two of my long positions today, and I can't say I'm all that crazy about holding positions over the long weekend.
If we open positive on Monday, that may be my cue to get back in ad start adding additional longs to the portfolio.
Here's the SharePlanner Reversal Indicator heading into the weekend