Forget the notion that the markets might be calm this week

Or the idea that the markets might be engage in some friendly window dressing to close out the first half of the year. Because it has been anything but that. In fact, I would go on to say that it has been the most choppy and volatile week of the year – at least so far. 

The S&P 500 is really showing signs for the first time of rolling over, and for me it would be welcomed with both arms wide open. More than anything, this market needs a 5-10% correction and the SharePlanner Reversal Indicator is showing as much with a bearish confirmation this week. 

Previous bearish confirmations have simply resulted in corrections through time than price, but here you have lower-highs on the SPX chart which is a rarity, as well as the long-term trend-line shown on the weekly chart below, finally breaking. 

This is the best chance that the bears have had post election to really dig their claws into this market. If they are wise, they won’t let this opportunity slip buy. 

Here’s the SPRI:

bearish confirmation market sell signal