SharePlanner Reversal Indicator has been waiting to flash the bullish reversal for quite some time now but like the market as a whole it just sits idle…for now at least. 

On the daily chart you have the potential for a bullish confirmation on even a minor rally. However, every time the market tries to rally, the bulls just squashed before the day can close itself out. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 6-4-15

On the weekly chart, the SPRI shows the need to ultimately hit the bearish extremes which it is close to doing but not quite there yet. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 6-4-15

Overall, SPX is breaking below a key resistance level today with a push below 2099, assuming it can find a a way to close below this level today, there is a good chance that SPX will continue in the short-term with the selling. However, as we continue to see, the bulls have a way of fabricating a lot of “anonymous” sources to prop the market up time and time again. So hang in there, stay nimble and trade what the market is willing to give you and nothing more. 

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