SharePlanner Reversal Indicator has not buckled despite recent selling pressures:
There is still some more room to climb for the SPRI before it ultimately reverses course. Today’s bounce will help with reaching those extremes, and with us essentially creating a double bottom of sorts on SPX, there is good reason to believe that we could see the bounce from today continue the rest of this week.
I don’t think it is a prudent idea at this point to load up on long positions, as you’ll want to stay flexible in a very distressed and ever changing market. For now, I don’t see myself ever getting more than 20-30% long during this current market bounce.
Here’s the SPRI:
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