SharePlanner Reversal Indicator: Where Are We Going?

SharePlanner Reversal Indicator still showing mixed signals on multiple time frames.

I hate it on the rare occasions that this happens, but I think it is a testament to the current market conditions, where inside of an already tight trading range, you have a two month long triangle pattern that is narrowing the range even further. 

I honestly do not think that in the time I have been publishing the SharePlanner Reversal Indicator that there has ever been early reversals on both time frames going in opposite directions.  How does that even happen!?!

Nonetheless, on the Daily chart, you have a nice reversal well in place with what appears to be, still plenty of room to run higher. At this point, I’d be shocked to see another early reversal back to the downside. 

Here is the Daily SPRI:

On the weekly SPRI, I am still somewhat skeptical of what is unfolding here. The early reversal is just underway, but is already showing signs of flat-lining here and that is against an early reversal on the daily chart that is sky-rocketing higher unabated. 

Here is the Weekly SPRI:

Overall, I think anything is possible in the current trading environment. The bears are close to having the bulls against the ropes and we almost saw a knockout punch this week had it not been for the afternoon arrival of the dip buyers who managed to rally SPX +30 points off of the lows. On the bull’s side of things, they are only a couple of percentage points away from breaking this market out to new all time highs and out of this 6-month long range. So remain nimble and prepare for anything.