The selling in the last two days has felt a whole lot worse for the market than the indices would suggest.
Your market leaders, in general, are taking a thrashing, while oil and commodities continue to rally. On the SharePlanner Reversal Indicator, it still suggests that this market has more upside left to it. After rallying 120 points off of the recent lows, the market is attempting to digest the gains, so when that happens some digestion of the current gains is likely to ensue.
Technically SPX chart is holding up for the most part. I am a bit concerned that despite the strong market open there was a hard +20 point reversal the followed to the downside and a rejection at the double bottom confirmation level of 1997. But I still need to see how the rest of the day plays out first.
Here’s the SPRI:
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