• SharePlanner Reversal Indicator Daily 9-17-14

SharePlanner Reversal Indicator with different view points. 

For years now I have been following the SPRI on a near daily basis and I’ve pretty much seen every signal that it can give off, particularly when trying to make sense of what the daily and weekly SPRI charts are trying to tell me simultaneously. 

On the daily you can see where, despite a respectable sell-off of any kind, it has instead just drifted sideways, and made the September trading range tighter than what we saw in July. So as we are up against the FOMC Statement that will be coming out shortly, it appears to me that the SPRI is showing signs that the bear window on this market is quickly closing. 

Here’s the Daily SPRI:

SharePlanner Reversal Indicator Daily 9-17-14

On the weekly, we have an early reversal, just like the one we saw in early May. From personal experience, those early reversals are very hard to trust. In fact more times than not they will, within a few weeks, reverse back higher and provide a nice “pop” for the market to the upside. 

Here is the Weekly SPRI:

SharePlanner Reversal Indicator Weekly 9-17-14

So right now I see a market that probably, has some upside left in it and I think that what we are seeing on the weekly is a false signal and the daily is showing signs that the bears are running out of steam, leaving the only option available is probably a move of some sort to the upside. 

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