The SharePlanner Reversal Indicator isn’t looking to hot these days for the bulls. 

I’m not necessarily saying that the uptrend is over (if you want to call it an ‘uptrend’). Nonetheless, based on price action that I’ve seen this week and coupled with the sluggish behavior my indicator is exhibiting, I’d say less is more in this market. 

Here’s the Daily SPRI:

shareplanner reversal indicator daily 4-30-15

On the Weekly SPRI, you don’t have necessarily a flat lining scenario unfolding just yet, but we could see a sharp reversal on the indicator that would flash bearish sooner than we might think if weakness carries into to next week for the market.

Here’s the Weekly SPRI:

shareplanner reversal indicator weekly 4-30-15

Like I said, in this market, less is more and the notion of stock piling long positions with current market weakness is equal to putting the cart before the horse. Wait for price action on SPX to confirm its next move whether it is a bounce off of rising support and a new move to new all-time highs, or a break below rising support and the 2089 level on SPX. 

 

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