• SharePlanner Reversal Indicator Daily 4-2-14

SharePlanner Reversal Indicator is showing some strength to the long side on the daily chart as the technicals suggest that there is further upside to this market. With the S&P 500 hitting new all time highs and breaking out of some heavy consolidation from the past month, there is a strong likelihood that this market can continue to push into the 1900’s. 

Here’s the Daily SPRI:

SharePlanner Reversal Indicator Daily 4-2-14

 

On the weekly side of things, the bearish reversal signal that was given a month ago nailed the stalling out of the bullish run the market was making during the month of February but the downside was slim to none. Now the indicator appears to have gassed out as it nears the extreme, and that is not uncommon for the reversal to lose its luster as it nears a bullish reversal of its own. 

Here’s the Weekly SPRI:

SharePlanner Reversal Indicator Weekly 4-2-14

So going forward, the bullishness of this market should be adhered to. Avoid the short side, unless this market wants to dip back below 1850, but preferably 1839. This market has decided to continue its onward march higher with 1900 seeming to be the next target in mind. 

 

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