Last week’s update of the SharePlanner Reversal Indicator stated that a significant bounce was bound to happen and it did.
And still the reversal looks like it is in the early stages on both time frames.
Here’s the Daily SPRI:
On the weekly SharePlanner Reversal Indicator, the same is true too. The SPRI is in the very early stages and looks like we could still see a further price expansion in the S&P 500 from here. As a result, the bear argument about the good times being over has fallen on deaf ears, and the resumption of the uptrend is back in full force and ready to take out 2000 on SPX.
Here’s the Weekly SPRI:
Like last week, this isn’t the time to be getting short in this market. The dead cat bounce never happened, and the uptrend is still in full force. As a result, you have to trade what the market is willing to give you and right now it is rewarding the longs. Trade accordingly.
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