SharePlanner Reversal Indicator signaling this market will slow down some.
On the daily chart, the SPRI is already flashing a bearish reversal signal. However, as we have seen so far from the S&P 500 in December, it appears as if the reversal signal will be more about the market slowing down and consolidating then it will be about a true sell-off.
Here’s the Daily SPRI:
On the Weekly SPRI, you could say it is flashing a reversal signal already, but I would counter that it is a weak one at best. Seasonally, we are in one of the best trading months of the year. As a result, I am inclined to think that this rally in the markets is likely continue into Christmas.
Here’s the Weekly SPRI:
I’m not getting off of the bull wagon just yet. The market continues to churn higher. Regardless if it is at the same pace as what we saw in October and early November, it is still pushing higher, and trading long is still the best course of action.
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