On the daily chart of the SharePlanner Reversal Indicator, you have what I consider to be an early reversal to the downside. This is being heavily impacted by the recent 5-day sell-off. However, what it hasn’t taken into consideration is today’s monster ramp up which will likely hamper the bearish enthusiasm of the Daily SPRI, if not force it to change directions yet again.
Here’s the Daily SPRI:
On the weekly side you have an early signal as well, except this it is to the upside. We were flashed this signal back during mid-December when the market bottomed out from that particular sell-off.
Here’s the Weekly SPRI:
I can’t remember ever having a scenario where I had a bearish early reversal on one time frame and a bullish early reversal on the other time frame. That simply hasn’t happened before. There is still plenty of market uncertainty out there but for now, ride this bounce as long as it is willing to go. The weekly time frame is always the more reliable of the two charts and right now it has nailed the December reversal and stayed bullish during the recent sell-off.
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