The weekly read of the SharePlanner Reversal Indicator is still pointing lower.
Though we are starting to enter the more “mature”phase of the indicator. Sometimes this is where if there has been some heavy selling already, it can start to show signs of slowing down.
Problem with this market, is that despite being lower for three straight weeks, the market hasn’t really budged all that much. Essentially the S&P 500 is down -1.6%. The average three week pullback is 6.3%.
So to say that we have entered a “mature” phase at this point is ridiculous. In fact, I would say that price hasn’t even confirmed the bearish reversal signal we are currently working with.
The FOMC minutes comes out later today and perhaps this will help to resolve the market direction that has been lacking of late.
Here’s the SPRI:
