SharePlanner Reversal Indicator: Still Waiting for Unified Bearishness
Here is this week's SharePlanner Reversal Indicator Update.
On the daily chart, you can see how prior to last week it had finally reversed but got no where with the 6-day rally that we had up until yesterday. As a result the daily SPRI has gone right back to the top but yet to confirm a second time.
Here's the Daily SPRI:
On the weekly, you have the bearish confirmation but right out of the gate, it is flattening out, and it isn't at the extremes like other reversals tend to typically occur at. That leads me to believe that the weekly SPRI, much like the Daily did before, will reverse back up and actually hit the extremes before trending back lower again.
Here's the Week SPRI:
Still, I'd be careful about getting ultra bearish on this market. Use shorts as hedges against long positions and avoid getting net short in this market just yet.