So far the indicator is taking the price action of the past two trading sessions into account and some strong bullishness from last week, to suggest that this market may have a short-term bottom in place. That can change if conditions continue to deteriorate throughout the remainder of the week though. If that happens, there is a good chance that the Weekly SharePlanner Reversal Indicator below will not have actually formed a bullish reversal but instead, flat lined at the extremes.
It is a hard feat to pull that off but considering the market volatility of late, it is nowhere near impossible. So take the bullish reading with a grain of salt for now. But if we rally hard at any point during the remainder of the week, it will probably confirm the reading we are getting today.
If anything changes I’ll be sure to post an updated chart.
Here’s the SPRI:
Welcome to Swing Trading the Stock Market Podcast!
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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