Currently Rally Losing Momentum

More action off of the 10-day moving average today on SPX. It is holding strong once again today, with another solid bounce. You can make the case that the market is in a mind numbing bull flag pattern that has lasted longer than the rally itself that started back in late April. 

The 2380 mark continues to be the line in the sand. Yes, it may trade below it intraday, but all that matters is whether it closes below it. 

As for the SharePlanner Reversal Indicator – it is now hovering at extremes with a bend near the highs suggesting that the rally may have some difficulties in continuing. 

That doesn’t mean that the rally can’t continue, just that it is running into some headwinds that is worth being aware of. 

Here’s the SharePlanner Reversal Indicator: