We were at extreme readings last week on the SharePlanner Reversal Indicator. 

This week…even more so.

I think we are close to getting a bullish reversal in the near future, but I can also see a very plausible scenario where we’ll see 1-2 more weeks of selling before the bulls finally get an appetite to buy the dip. 

As it stands right now, the bulls are doing everything they can to bounce price off of the 50-day moving average. Whether that holds into the close remains to be seen. I closed out my position today that I alerted in the Splash Zone at $32.25 and closed it today at $33.55 for a 4% profit. Not bad considering the broader weakness in equities the past two days. 

Here’s the SharePlanner Reversal Indicator: