SharePlanner Reversal Indicator still showing the market to be bullish here. 

The bears had a good chance to really throw into question the market rally today, but with SPX holding the morning lows (at least so far), and the Nasdaq making some attempt off of the lows of the day, I think it is too early to say that the current short-term rally in the market is over with. 

With that said, there is some turbulence ahead as the market has shown this week that it doesn’t quite have the strength yet to make new all-time highs. That can change overnight, but for now it is by far the most glaring concern with this market. 

On the Daily SPRI you are starting to see signs of it getting near the extreme reading zone, but at this point I think we are a good 1-2 weeks away before anything confirms. 

Here is the Daily SPRI:

shareplanner reversal indicator daily 7-22-15

On the Weekly SPRI, it is at the half way mark, and I tend to rely more heavily on the weekly than the daily indicator. As a result, I do think this market will likely make new all-time highs, then the key will be for there to be some kind of notable expansion in price that follows. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 7-22-15

Overall, I remain long on this market. I am wanting to add some more exposure to the long side, but ideally would like to see new all-time highs established in the process for me to develop a greater sense of comfort with the market. 

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