With the Rally off following the recent attempt to push the market back lower again, the bulls are on the cusp of establishing a new higher-high off of the September lows and negating any renewed hope the bears might have had from a couple of weeks ago when the market sold off for seven out of eight straight days.
On the SharePlanner Reversal Indicator, the bearish reversal is still pushing southward but the bulk of the sell-off seems to have been realized already with the indicator nearing extremes and considering that three of the last four reversals occurred early on the SPRI. So keep that in mind, and don’t forget that the market closes early today at 1pm eastern.
Today will be a light day on the post front for me as I will be focused solely on managing my current positions and using the remainder of the time with family.
Here’s the SharePlanner Reversal Indicator:
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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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