Usually I post the weekly SharePlanner Reversal Indicator Chart (SPRI) but with futures pointing down (-13 only minutes after the open), I figured I’d show you what the Daily SharePlanner Reversal Indicator is giving us.
What is most noticeable is the fact that for the first time since last May, the indicator has failed to hit a chart extreme before reversing lower…coincidence?
These types of reversals are more troubling for the market. Because it was unable to hit an extreme, it underscores the bearish tone in the market, that may be been unnoticed in weeks past.
So be careful this week trading, particularly from the long-side.
Here’s the SharePlanner Reversal Indicator.
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