SharePlanner Reversal Indicator: Upside Bounce Nearing
We're looking at four straight days of selling, and on the surface, you'd think that means the SPX would be down 3-4% right?
Wrong! The SPX as of this writing is just a shade below 1% since its closing highs.
If the bears are going to take this market lower, they need to take some chunks out of this price action. We are also bouncing off of the 20-day moving average yet again which is a horrible development for the bears. Things could still change, but until the price action tells me otherwise, I have to remain long and strong this market.
On the SharePlanner Reversal Indicator, the Daily is showing a bottom in place, but a little bit of hesitancy.
Here's the daily SPRI:
While that may concern some, it doesn't bother me at all when I take a look at the weekly view, which shows that the daily and the weekly are aligning themselves perfectly for what should be an eventual upside reversal considering how close the SPRI weekly is to the bottom.
Here's the weekly SPRI: