Buy Signal in Reversal Indicator Likely 2-3 Weeks Away
The S&P 500 has seen the market move lower now for the third time and four weeks. While this week is still relatively young that may not hold true by week’s end, but nonetheless, we have definitely seen a pause in the aggressive buying that we had seen in weeks prior.
In fact right now the S&P 500 is in the red for the month… again the month is still young…but if that holds, it would be the first negative trading month of the year or the first one in eight months.
Right now, I don’t necessarily believe that you should be pouring on the shorts in this market, instead, I believe that we should be tightening the stops and possibly limiting our long exposure at this point, while slowly adding some short exposure in minimal amounts.
Here’s the Weekly Reversal Indicator.
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