If you recall last week, I was really struggling to get a handle on a legitimate interpretation on the SharePlanner Reversal Indicator and trying to reconcile the daily and weekly chart. 

However, this week provides us with a much clearer picture, and based on what we are seeing the two time periods are finally starting to align. 

The Daily SPRI is showing the market is well-overextended and ready for a push downward: 

SharePlanner Reversal Indicator Daily 10-30-13

And on the Weekly SPRI, you can also see that the Weekly is nearing a reversal signal that could  get expedited once it occurs on the Daily SPRI:
SharePlanner Reversal Indicator Weekly 10-30-13

So with the FOMC statement today, just like 6 weeks ago, we have the opportunity for today to mark temporary market highs that ushers in a new wave of selling.

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