• SharePlanner Reversal Indicator Daily 9-10-14

I’m not willing to go out on a limb and say that the bull rally is dead and long live the bears just yet. 

In fact I haven’t even brought myself to short a stock yet this month. 

And I won’t until the price action starts to confirm as much and while yesterday we saw SPX drop below 1990 which was important, it still managed to bounce off of an old support level just below at 1987. 

But the Daily SPRI is showing signs now with its recent confirmation that we may in fact see the weakness stroll into the market in the coming days and weeks. 

Here’s the Daily SharePlanner Reversal Indicator:

SharePlanner Reversal Indicator Daily 9-10-14

On the weekly SPRI, you are starting to see signs of exhaustion set in on the upward trend that it has been on. 

Here’s the Weekly SharePlanner Reversal Indicator:

SharePlanner Reversal Indicator Daily 9-11-14

 

Overall, I am still holding off of the short positions as I just don’t see it being the right time to get heavy to the short side. At best, I’d be willing to add a short position as a starter or hedge in case this market does breakdown. 

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