The daily and the weekly SharePlanner Reversal Indicator is at odds with each other.
On the daily chart you have a clear upside reversal and that has been backed up by the action we've seen out of SPX over the past 5 trading sessions.
Here's the Daily SPRI:
On the weekly, the bottoming has not come close to happening, though based on my experience, I can tell you this that If the market even rallies half of what it has done since last Tuesday, the weekly will be forced by the Daily SPRI to reverse early and give us another bullish reversal signal as well. This doesn't happen much but the market conditions are ripe for something like this to occur.
Here's the Weekly SPRI:
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>
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