The SharePlanner Reversal Indicator is at extremes but not ready for any bullish reversals just yet.
On the Daily SPRI you have a flat line reading that suggests any kind of bullishness will be enough to provide an upside reversal on the indicator.
Here’s the Daily SPRI:
On the Weekly SPRI you have a similar reading but nowhere near the flat line that is being sported on the daily. I’d expect another couple of weeks to go by before getting the bullish reversal here.
Here’s the Weekly SPRI:
For now I will continue to focus my efforts to the short side. SPX simply isn’t providing the bulls the price stimulus to believe that new all-time highs are going to be reached anytime soon. On the daily SPX chart, you have a massive head and shoulders pattern formed over the past two months and if price drops below 2072, the gloves will be coming off.
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