The SharePlanner Reversal Indicator on the weekly chart still suggests that there is strength still remaining in this market, but that the strength is starting to fade. Looking at the weekly below you can see how the slope of the SPRI is fading off to the right a bit there by flashing signals that the bulls may not have enough left in the tank to get the market back to new all-time highs again. If that is the case,  any rally that we see in the coming days should ultimately make for attractive shorting opportunities. bulls made fade and sell off crash

With the FOMC coming out later today, the market’s reaction to it will go a long way in defining the future direction of the SPRI. 

Here’s the SPRI:

shareplanner reversal indicator 6-15-16

Retesting Broken Support $SPX $ES_F  http://www.shareplanner.com/featured-blogs/network-blogs/channels-and-patterns/22695-retesting-broken-support.html

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