SharePlanner Reversal Indicator: More Extremes
The SPRI, despite the shaky start to the month has managed to still trade at the upward extremes of the indicator.
On the daily SPRI, for more than two weeks it has been trading at the extremes and in another week or so should start showing signs of coming off of those extremes.
Here's the daily SPRI.
On the weekly side of things the is the highest level of extremes since this time last year. At which point the market didn't pullback much but instead consolidated for a brief period of time before climbing higher.
Here's the Weekly SPRI.
At this point, I'm going to assume the same will play out. I don't expect a major sell-off. If it happens, then fine, I'll adjust accordingly. But the last few years indicates the market is more likely to consolidate a shade below the highs rather than experience a strong pullback.