It has been a couple of weeks since we received the bullish reversal and it remains strong today.
Price action this week has been less than desirable, to put it mildly, but that hasn’t affected the SharePlanner Reversal Indicator from trending bullish still.
Following four days of selling, the bulls have the opportunity to put something special together here by breaking out of the bull flag found in the Russell 2000 (IWM), Nasdaq (QQQ) and the S&P 500 (SPX). There is an attempt underway to do that, but unless Tech can participate in the rally, it will only struggle. Right now, technology remains the weakest sector in the market for today.
I think the bulls will eventually pull it off, and take price action back to its all time highs again on SPX – at which point, anything can happen.
Here’s the SPRI – tell me what you think?
