The SharePlanner Reversal Indicator is still pointing to the upside.
Should the selling persist in the coming days in the market you may be able to get an early reversal out of SPX. Otherwise, the SPRI is still pointing towards more upside for this market. Once it hits those extremes (and it is close to doing so) it can stay in that extreme area for another 2-3 weeks if the rally is strong enough.
For now, I remain hesitant to want to get short on this market and instead ride out the selling pressure facing this market. Once it subsides, I would assume we can get another solid run higher out of the market and possibly test the 2040’s.
Here’s the SPRI:
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