The SharePlanner Reversal Indicator is right near the extremes, but I'm not expecting an upside reversal anytime soon, and if the month of September is anything like what we just experienced in August, then I can assure you that it won't move.
The market has yet to move this month and is one of the tighest trading ranges of the last 100 years (no, I'm serious, that isn't an exaggeration). Today is the most action the entire month has seen combined, and if the bulls can get a little more nervous with their longs, you may see a selling spree ensue.
But then again, that might be just wishful thinking on my part, because you always have the dip buyers lurking in the shadows.
Nonetheless, here is this week's SharePlanner Reversal Indicator: