Here’s the latest reading of the SharePlanner Reversal Indicator. 

We are sitting at extremes and poised to bounce. 

Typically when there is a bearish reversal whether early or at extremes, we do one of two things: 1) The market sells off 2) The stock market consolidates. 

Of late it has been consolidation, except for February when the market lost its marbles. 

This time around, it has been more consolidation. But we are at extremes here, so the likelihood that we see further selling going forward, is unlikely. Instead, I would suspect that we’ll see a bounce in the coming days, especially when you couple that with the fact that with the SPX which is sporting a bull flag. 

Here’s the SPRI: