Last week’s sell-off hit extreme reading on the SharePlanner Reversal Indicator.
Following the bounce off of the 200-day moving average on the S&P 500, it is no surprise, that we saw one of the best one-week rallies in years. However, with a three-day weekend ahead of us, next week represents another chapter in what has been an incredibly volatile 2018.
I suspect that the SPRI will provide us with a bullish reversal early next week, which means this market eventually tests its all-time highs again. Should it not break through that barrier, there will be an incredibly interesting argument for a double top forming in the stock market.
All sorts of scenarios that could play out next week. In the meantime, I booked profits in two of my trades today, with Amazon (AMZN) bringing in 9.4%, after getting in last Friday at $1,328.20, and then I sold Caterpillar (CAT) at $158.12 for a 3.6% profit.
I will have some capital to put to work on Tuesday, should the bulls keep pressing their hand. However, I like the idea of going into this weekend on the light side of things, and keep the flexibility necessary to play this market, wherever it decides to take me.
Here’s the Reversal Indicator:
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