The Daily SPRI has been on a tear of late going from one extreme to the bullish extreme in less than a week.

But that is understandable considering the fact that SPX has rallied about 165 points since the lows on 10/15. 

But now we have the Fed’s FOMC statement coming out in less than an hour and it has the potential to ruin the progress the bulls have made this month in keeping SPX in the green. 

Here’s the Daily SPRI:

SharePlanner Reversal Indicator Daily 10-29-14

 

On the weekly SharePlanner Reversal Indicator, it is typically much less advanced in terms of comparison to the daily SPRI. The weekly is the default chart to follow as it is less affected by rapid market swing and tends to show the more legitimate long-term trend and right now it says to remain bullish. 

Here’s the Weekly SPRI:

SharePlanner Reversal Indicator Weekly 10-29-14

For now I am remaining long in my exposure in the market and as the market affords the opportunity to do so, I will add more exposure, especially in light of the fact that we are coming up on the two most bullish months of the trading year. 

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