The SharePlanner Reversal Indicator is still flashing the early stages of a bullish reversal.

The only problem with that is, as it currently stands, that price is not conforming to the pattern. However, you can add this indicator to the list of other studies that are starting to show some significant divergences on the daily charts. My last post I mentioned the T2108 showing a significant bullish divergence as well (% of stocks trading above the 40-day moving average). 

So far on the year I have been very sparing with any trades made. For one, the market keeps gaping significantly lower which hampers the ability to nail a solid short entry on this market, and 2) the bulls have made no effort to really kick this market in high-gear or even a glimmer of willingness to do so. As a result, the only trade I have made so far has been a day-trade. I have one other position open right now but it remains to be seen whether I will hold it overnight with all the volatility that we have seen of late. 

Here’s the SPRI:

shareplanner reversal indicator 1-6-16

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