Alright folks. This market isn’t giving and it isn’t taking away either.
The bears find motivation overnight only to see it quickly dissipated within the first 30 minutes of each trading session.
The bulls make a nice comeback, but there’s nothing being added to the recent gains the market has put together. Instead it just keeps hovering at the 200-day moving average.
You have the FOMC Statement coming out today at 2pm eastern, and that may very well break the market in either direction.
Nonetheless, the SharePlanner Reversal Indicator is at extremes as you can see below and it has been sitting there as long as anyone has seen in the past year, including the rally from the October lows.
Getting extremely long here doesn’t provide you with a lot of upside reward, and getting short, isn’t carrying its weight either. So the market either needs to work off the overbought conditions through time, or pullback enough to give the bulls some room for buying stocks again.
Here’s the SharePlanner Reversal Indicator:
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