Not much has changed since the last SharePlanner Reversal Indicator – but the signals have just gotten that more obvious.
On the daily you have a legitimate bottom in place and the first signs of strength this market exhibits will confirm that the bottom is in place and lead to a nice rally to the upside in the days that follows.
Here’s the Daily SPRI:
On the weekly chart the message is still the same. We have a bottom pattern forming, and while it could take another week to confirm, any kind of multi-day strength out of the market will conform a bottom is in place and a strong possibility that the market rallies for the next few weeks.
Here’s the Weekly SPRI:
As I stated before the bearish reversal that we got back in late June was much more about consolidation than a legitimate sell-off, and in this Fed-induced bullish market that we’ve been in the past five years, that is not uncommon to see.
If you have been short in recent weeks on this market, you should probably consider the notion of covering your existing positions and start looking for opportunities to the long side, as the SharePlanner Reversal Indicator suggests.
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