SharePlanner Reversal Indicator still leaning bearish.

The daily last week attempted a reversal that seemed to have had some legs to go on, but with some of the weakness that has been seen so far this week, the Daily SPRI was quickly influenced and reversed back to the downside. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 5-28-15

On the Weekly SPRI you have a flattening that leans bullish but the occurrence is taking place just above the typical extreme readings where most of your reversals occur. And since we have no confirmation, it could very well, under the influence of the Daily SPRI, hit those bearish extremes still. 

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 5-28-15

In all, be careful with this market, for either side to have an edge price needs to either break out to new all-time highs (again) or it needs to break back below Tuesday’s lows. Everything else inside those parameters keeps the market trading without any real direction. 

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