Reversal Indicator shows possible extent of sell-off.
I’m not sure how long this market sell-off lasts. Frankly, we haven’t see a dead-cat bounce yet this year, but today is starting to look like one as a result of today’s move lower.
We are testing the lower channel of rising support. That is good for the bulls as long as it can hold 1548. Bad if it does not.
I am not looking to add any positions to the portfolio right now, until we get a better feel for whether key support will hold.
The Reversal Indicator below, is holding up quite nicely and at a point that could see the dip buyers come back into the game here.
Here is the SharePlanner Reversal Indicator
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