• SharePlanner Reversal Indicator 11-4-15

Getting some selling action out of the market today, which even in the strongest of uptrends, is totally necessary. One thing I am noticing so far in the day is that the rising 5-day moving average has been tested perfectly and has held perfectly. So the bulls have that going in their favor right now. On top of that, you aren’t seeing any major spikes in the VIX, the TICKs have been rather quiet all day, and the decliners are not holding what I’d call an overwhelming edge on the day over the advancing issues (currently 1.6 to 1). 

With that said we have the SharePlanner Reversal Indicator at some heavy extremes, the likes of which hasn’t been reached in a long time. Now if the market fails to continue to rally, and instead we get a few more days of additional selling, then we could in fact see a confirmed bearish reversal on the indicator. That hasn’t happened yet, but it won’t take much for us to get it at this point. 

Here’s the SPRI reading:

SharePlanner Reversal Indicator 11-4-15 

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