The SharePlanner Reversal Indicator was flashing a bounce signal in the market last week but with today’s hard reversal following a gap up today, the SPRI is suddenly showing doubt in the merit of that bounce reading.
There’s no mistaking that the market is extremely oversold, and today ushered in fear at levels that hadn’t been seen since the August lows were formed. You had TICK readings that were at lows not seen since early 2014. So yes, the market right now is absolutely bonkers, and yes, at some point there will be a bounce, perhaps even tomorrow. Fear is at a pitch fever and those are the times where the market likes to burn bears in their euphoric state and kill the bulls who had finally thrown in the towel on the market.
The days ahead will be telling…
Here’s the SharePlanner Reversal Indicator:
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