SharePlanner Reversal Indicator hasn’t given way to the recent selling over the past three days.
In fact it continues to flash some impressive bullishness. Just below you can see where the Daily SPRI nailed the bottom back on 12/17 and still has some room to run overhead before getting overextended.
Here’s the Daily SPRI:
On the Weekly SPRI we have an early reversal, due in part from the heavy reversal that we saw back in mid-December when the market finally bottomed out. However, we have seen some of these early reversals be mere head fakes and as a result I don’t hold them in the same esteem as those that that bottom out at the extreme levels.
Here’s the Weekly SPRI:
Going forward, I am in 100% cash for now. That definitely will change once we are into next week, but what has me concerned with the market here today, is that the entire sell-off so far has occurred on the lowest volume of the year (speaking of 2014 obviously). There’s nothing to say that once Wall Street opens on Monday and everyone is back from their cozy trip to the Hamptons for Christmas, that this market won’t pop right back up.
Stay nimble, my friends.
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