There are so many opposing forces fighting each other in the market that determining the ultimate direction it will take is almost futile in its undertaking.
The Fed and BOJ refuses to let this market drop for even a half day. But you have real concerns with Deutsche Bank (DB) tinkering with utter collapse in a manner that hasn't been seen since the days of Bear Stearns and Lehman Brothers.
But if the Fed be for you, who can be against you? I've seen enough banking crises to know that when one starts to rear its ugly head, you don't hang around and ask questions. In a matter of minutes today, the Dow had dropped 180 points - that's panic. That's not moderation, that is panic. When I see that price action coupled with the banking rumors that it is associated with, I don't ask questions, I start getting out, because the downside is so horrific, taking chances with it, is not an option.
But even then today, when central banks refuse to let the market drop ahead of an election, perhaps even one of the world's most prominent banks being on the verge of crisis can be twisted to be bullish in the eyes of the Fed!
Nonetheless, I've put together the SharePlanner Reversal Indicator. It doesn't yet take into account today's price action, but we do have a reversal underway, but it is in the early stages - which is where it is most susceptible to an early/premature reversal.
Take a look at the SPRI below and tell me what you think.