It’s been a couple of weeks since I last posted the NYSE Reversal indicator. But from a bullish persepective, the market is indicating that a rally could be in the cards over the next few weeks, and to be completely honest, it is somewhat hard to argue with the notion considering the rally mode the markets have been in the last two days.
I still heavily short in my portfolio, and will consider scaling out a significant amount of positions if the market continues to rally into Monday. If we break through the 1090 level on the S&P we could, in fact, see a rally into the 1125 to 1150 range, which I am not will to suffer through.
Here is the NYSE Reversal Indicator.