The bulls can still continue to push the market higher, but it will have to overcome the market weakness in six of the last nine weeks.  

The headlines risk is crazy! Let’s just get that out of the way. I’ve been caught with my pants down, and I don’t mean figuratively…I literally mean literally. I swear the Trump Tweets come at the worst possible time! 

Nonetheless, the market still hovers 1.5% below all time highs about, and it wouldn’t take much for the bulls to push right through. 

I’ll be honest too, I took a position in SPXU right at the close (3:1 inverse ETF of SPX) simply because of the headline risk and the potential for something dumb to happen over the weekend either with China or House Democrats, or Trump. It wasn’t worth the risk. The worst case scenario would be for there to be a 30 or 40 point gap higher on Monday for me taking this position, which would certainly suck, but I would still be fine probably with all the long positions that I have as well – I also think this is the least likely of all the outcomes – anything else I am fine with. 

The SharePlanner Reversal Indicator is below, and I’ve marked up the chart, for your reading, but it is worth noting that there are some cracks in the dam starting to emerge, and if the market sells off for a third straight week, you’ll likely see a reversal unfold. 

Here’s the SharePlanner Reversal Indicator: