Bullish signs are creeping in again on the SharePlanner Reversal Indicator and they are aligning nicely on the weekly and daily time frames.
Here’s the Daily SPRI:
The Weekly is a bit more perplexing because you have this flattening earlier than what has taken place in the past, and it is flattening out as if it was hitting the bottom extremes. Early bounces are typically “V” shaped, this one looks like it could be more “U” shaped.
Here’s the Weekly SPRI:
The charts are pushing higher at this point and the bears are losing the momentum they had in their favor over the past few weeks. However, as you can see from the weekly chart, we are testing the bottom end of the rising channel. If that trend-line breaks and it hasn’t since November of 2012, it should usher in a new wave of selling for the bears.
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