SharePlanner Reversal Indicator sits at extremes waiting for a bullish reversal.
That hasn’t happened yet, but it could any day now. On the daily reversal you have had two previous attempts to get a rally confirmed and moving but could not push above and out of the base. Now it is basing for a third time reading itself for a bullish reversal confirmation.
Today’s rally and perhaps one on Monday, may confirm the signal.
Here’s the Daily SPRI:
On the weekly, the chart is nearly the same. you have a broken, rising trend-line that the bulls are trading below. Now with oversold conditions in the broader market, and a trend-line that is clearly broken, the market is setting up for a strong dead-cat bounce.
Here’s the Weekly SPRI:
My six month view of this market is bearish. In fact, I wouldn’t be surprised, if SPX has already made its highs for the year. However, I have seen enough dead cat bounces in my life time to know that the market doesn’t go straight down, and the most bearish of markets have the strongest rallies within it. So recognizing this and capitalizing on it is, is absolutely key to success in a bear market.
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