SharePlanner Reversal indicator is showing mixed signals right now.

On the daily you have a clear bottom in place and with today’s rally, will likely show a confirmed bullish reversal. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 5-8-15

But on the Weekly the picture is far different, where you have an early reversal from a couple of weeks ago followed with plenty of more downside presenting itself on the indicator. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 5-8-15

So the signals on the SPRI is no doubt mixed and means that determining market direction is very difficult and caution is warranted. I consider this market to remain range bound, unless price can breakout and close above 2120, which it is close to doing, or if it can break down and get below 2060, or preferably 2040 for a bearish break. 

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