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SharePlanner (< 20)

SharePlanner Reversal Indicator

Recs

1

July 29, 2012 – Comments (0) | RELATED TICKERS: DIA , QQQ , SPY

The reversal signal we had been looking for the past couple of weeks, finally came to fruition and as you'll note below we've got a clear bearish reversal, that is also confirmed by the RSI as well. Price action shows a convincing bearish wedge the S&P continues to trade in, but has not broken down and out of it yet. Heading into next week, I would be careful about adding many new long positions, trust the stops on the existing ones, and if the market shows a strong hand to the downside, it's best to believe it. 

That's the plan for me at least. 

Here's the SPRI.

 

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