The SharePlanner Reversal Indicator continues to show us mixed signals here on the two different time frames.
On the Daily SPRI, you have a strong downward move that is currently taking place and in line with the broader market.
Here’s the Daily SPRI:
On the weekly, you have an early bullish reversal, but in the past week, the reversal itself is weakening some and could be even worse once next week rolls around.
Here’s the Weekly SPRI:
Overall, I am currently short on this market. The flattening of the indicator, though slightly at this point, has me questioning the strength of the bullish indicator. however, with as much selling as we have seen so far this month, I wouldn’t be surprised if this market did at some point bounce in the latter half of January.
Stay nimble, stay flexible, and don’t be afraid to to stay in cash if need be.
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