We are at the place where rallies go on to die.
The SharePlanner Reversal Indicator has a full-on bullish reversal underway.
And it is in the early stages of the reversal.
If I am hypothesizing what the future direction of the market is based solely on the SPRI, then I would say that we are likely to test all-time highs again. However, we have to be aware of where price is in the current price range and what we have seen over the last two years is that rallies have gone on to die anytime price creeps above the 2100 price level.
Perhaps this bullish reversal on the SPRI suggests we’ll be making new all-time highs again in the near future and that price won’t die like it has consistently done over the past two years? I can’t be entirely confident of that as I am keeping one eye to the downside simply because of past precedent that this market has established.
Here’s the SPRI:
