SharePlanner Reversal Indicator: Still Something Left in the Tank
Last week I said to be cautious in reacting to the bearish signals the daily and weekly SharePlanner Reversal Indicator was providing.
My reasoning mainly had to do with the weekly reversal signal that was not quite at extremes and it made sense that there would probably be another one last push on the weekly SPRI to extremes. Now we are at those extremes, we can expect another one to two weeks before that ultimate reversal arises.
Here's the Daily SPRI:
Here is the Weekly SPRI:
At this stage of the SPRI we don't have a bearish signal in either time frame, but I expect that both will provide us a reversal signal within a week of each other and that will be the time when you will want to start curbing long exposure and seeking out some short opportunities that can be had. But until that is the case at hand, I'd continue to focus the efforts on the long side.