Big bearish reversal signal spells trouble for the stock market.
The last time I posted my SharePlanner Reversal Indicator, was back in early June when the market was experiencing the beginnings of a remarkable bounce in stocks. However, now we are sitting at all-time highs, and that same indicator that forecasted a hard bounce has now suddenly gotten much more bearish in its outlook.
There’s also an old broken trend-line on the weekly chart that, amazingly, keeps forcing its will on this market in terms of support/resistance.
Finally, the RSI (top) has a very disturbing bearish divergence, where it is not anywhere near the previous highs that it had experienced prior to the May sell-off.
So, with all that said, I think there is reason to be concerned here at these all-time highs.
Here’s the SharePlanner Reversal Indicator:
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