Price action is acting in a manner that suggests we are in “pause” mode before retesting the all-time highs once again.
But first it needs to break that blasted 20-day moving average and hold it into the close. Something it has been unable to do for the past four trading sessions. The more it gets rejected by the moving average, the more likely we are going to sell-off again and possibly retest the lows from two weeks ago.
So it is imperative for the bulls to recapture the 20-day, and if so, you have a very solid case of the bulls making a run back to the all-time highs, yet again.
Get it together bulls!!!
Now the SharePlanner Reversal Indicator…We are sitting at extremes still, and should have a bullish confirmation at some point next week, which should give this market the necessary momentum to make the next move higher. The weekly chart of SPX suggest that this week was simply a pause before we take that next step.
Here’s the SharePlanner Reversal Indicator
