The SharePlanner Reversal Indicator is looking mildly bullish here.
There is still one day of trading left in the week, and while most of the time, I wouldn’t give much thought to that, this is a very hostile market environment and what is bullish on the SPRI today could very easily turn bearish tomorrow. So I need to see what has historically been the worst trading day of the year for SPX can do tomorrow.
While there have been a few bullish reversals that happened prior to the SPRI reaching an extreme reading, in recent years, that have seen aggressive buying that occurred thereafter, you still have to be very careful in this particular market and until SPX can clear 1993, I don’t see a reason to get long on this market.
As a result, I continue to fade most of the heavy market moves with a respectable degree of success.
Here’s the SharePlanner Reversal Indicator:
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