The one takeaway with the SharePlanner Reversal Indicator this week is that both the Daily SPRI and the Weekly SPRI are telegraphing the same exact message:
More downside to come.
Here’s the Daily SPRI:
On the Weekly SPRI, the conditions look much worse as there is much more downside being forecasted since the reversal is only in its beginning stages.
Here’s the Weekly SPRI:
On the whole, with today’s rally evaporating and the oil still continuing to plunge, the direction for the market remains to the downside. The bears showed today that it is using the bounces to re-enter their short positions, so look to trim those holdings to the long side and find short setups that are just starting to break down.
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