The SharePlanner Reveral Indicator is showing its ugly side. 

The question then becomes, will the Fed allow the market to enter into a seasonal pullback that is often typical of this time of the the year, or keep pumping this market higher? 

The trump card of all trump cards is the fed, and unless they stop poaching each and every bear that comes its way, this market can only go higher. 

But I’ll say this though, the minimal amount of pullbacks that we’ve seen this year, the SPRI has been spot on and hitting them, so it creates a bit of a conflict.

I’ve drawn a line in the sand with this market and that price level is 1676. If we close below that, (which isn’t far away), I’ll flip sides and start looking to short this market. I’ll also know at that point that the market is confirming what we are seeing on the SharePlanner Reversal Indicator.  

Here’s the Daily SPRI:

SharePlanner Reversal Indicator Daily 8-7-13

Here’s the Weekly SPRI:

SharePlanner Reversal Indicator Weekly 8-7-13

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