Daily SPRI is hitting extremes, while Weekly SPRI has much more room to drop.

On the Daily SharePlanner Reversal Indicator, you have it it hitting the bottom extremes, but what we have seen time and time again, is that SPRI can sit at those extremes for weeks at a time before actually providing a reversal signal for us. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 3-13-15

On the Weekly SPRI there is plenty of room for this market to fall with out even coming close to overextended. However, you have the FOMC Statement scheduled for next week. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 3-13-15

Altogether, you have a market that is pointing to further downside and the way that the market is currently setup, they are desperate for a some soothing words out of Yellen next week. If they get it, the markets will respond, obviously, very favorably. If they don’t change anything or increase the need or reason for a rate hike, then expect some major selling to ensue. 

Those are the cards laid before you. 

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