SharePlanner Reversal Indicator: Closing In On Oversold
SharePlanner Reversal Indicator not quite ready for the reversal yet
The last three weeks have been some what tortuous for the bulls. Two of those weeks have been down notably, while the week in-between gave promise early on of a full market recovery, only to be knocked right down and nearly wiping out the week's gains.
But now we are seeing the market get overextended on the SPRI in the short-term and ready perhaps to make a bounce soon. Based on where the SPRI is at right now, typically we get the SPRI reversal within 2-3 weeks, but if things get extremely bearish like they did back in July-October of last year, all bets are off.
Here's the market reversal indicator.