Today's market action gave us the biggest intraday reversal that we have seen on the S&P 500 this year. At this point the reversal has seen us drop 22 points.
We got as high as 1687 at one point and like I've been saying lately in my daily trading plans, I think it is going to be difficult for us to seamlessly push through the 1700 level, and today that is exactly what I believe was happening when we reversed hard only 13 points from 1700.
The SharePlanner Daily Reversal Indicator shows that we may, at best, start consolidating and more likely setting up for a pullback in the short term. How big that pullback is, I have no clue. It may not be hardly anything at all, but what I think the message to take away from the SPRI here is that the upward momentum is going to slow down some from here.
Here's the SharePlanner Reversal Indicator.