The SharePlanner Reversal Indicator is flashing some red and giving us the bearish reversal signal.
This is where being careful in the context of the current market conditions is extremely important. If the market chooses to break down here, you have to be quick to close out the positions.
I always post the SPRI on Wednesdays and considering this is a weekly chart, the look shape and feel of the chart could still change, and even take away the bearish reversal signal if the market manages to rally very hard the next two days. If that happens, then it will be another week at least before I can confirm anything on the SPRI.
For now, I’ll keep a close watch on the indicator and if anything changes from what we are currently seeing, I’ll be sure to post another chart at week’s end and provide you with that information.
But yes, if the market can’t pull it together this week, and if we see continued selling going forward, there will be very little reason for me to be heavily long on this market, if long at all.
Here’s the SharePlanner Reversal Indicator:
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