SharePlanner Reversal Indicator: Not As Sure As Before
The SharePlanner Reversal Indicator is not nearly as uber-bullish as it had been the past few weeks.
But it is still bullish. On the daily though you are at extremes that suggests some kind of pullback or at the very least, consolidation of some kind is likely here.
Here's the Daily SPRI:
On the flip side the Weekly SPRI still looks strong and only at the mid-point of the rally which means this market could still rally another 40-50 points after the Daily SPRI has had some time to digest the recent move.
Here's the Weekly SPRI:
As a result, I would by no means cash out of all your positions, but if you are 80-90% long, I would strongly encourage caution, as it might not be worth being that heavily long at this juncture. Instead, I'd lighten up on the long positions some, not all of them, but enough to let this market pullback some without damaging the profits you've made this month, and then use the cheaper prices to reload on the best bullish trade setups and profit on the next leg higher.