The SharePlanner Reversal Indicator is flashing simultaneous reversals in the daily and weekly time frames.

On the daily, we talked about this happening in the very near future, and with the slight weakness in the market the past two weeks, the bearish reversal finally confirmed. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 3-5-15

On the Weekly, you have the same scenario, though I’ll be the first to admit that I thought this was another 2-3 weeks out. Barring a massive rally tomorrow, the bearish reversal should confirm on the weekly chart. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 3-5-15

Going forward, you need to be careful with the longs, and raise the stop-losses where ever possible. With an aging trend-line off of the January lows, the market does seem poised for some contraction. That doesn’t mean you go all short, right here, right now, but it does mean you start considering what kind of advantageous hedges you should be adding to your portfolio right now to protect those long positions. 

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