The SharePlanner Daily Reversal Indicator flashed a reversal signal to the downside in conjunction with yesterday’s sell-off.
The Daily SPRI was already reaching overbought territory, but with yesterday’s weakness, it confirmed a short-term reversal should be in order for stocks.
Here’s the Daily SPRI:
The Weekly SPRI doesn’t show the same bearish signs as the daily does, but what it is doing is entering the exhaustion area where rallies start to putter and lose their once held momentum. If that is the case here, I could clearly see where, coupled with the market’s inability to push through 1883, that this market is distributing and ready to push lower from here.
Here’s the Weekly SPRI:
Overall, stay patient with this market. Don’t get heavily long this market unless it wants to break through 1883 on the S&P 500 and stay there. So far that hasn’t happened yet. As a result, I continue to remain slightly bearish on this market.
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