The SharePlanner is a tale of two time frames:
First you have the daily which is screaming for a pullback, which is in conjunction with my own subjective SharePlanner Compass for the very, very near-term:
But the Weekly shows a full-on bullish trend in the early-going:
So how do we reconcile the two?
Easy, I think we’ll see some weakness today and possibly tomorrow and into early next week. Since August 28th, and that is only about 20 days ago, we have gone from 1627 on the SPX all the way up to 1706 without hardly a breath. That is 78 points in total – quite an accomplishment if I should say so myself.
While the Weekly SPRI indicates that is likely to continue over the course of the next month, but for now, the SPX needs to cool it off some, catch its breath and come back a little and make the charts more attractive for us traders.
And we may get that today with the FOMC Statement due at 2:15pm which I’ll also be posting it as well. I’d be surprised if the SPX rocketed higher after the FOMC Press Conference…that’s just my opinion.
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