This has not been a good week for the bulls. They have fully lost control of the market.
When I pulled up the SharePlanner Reversal Indicator, I fully expected it to show a bearish reversal in the works, but it is still riding strong to the upside. Of course, it hasn’t priced today’s action just yet, but yesterday’s action, I thought, would have been enough.
Apparently not!
I’ll update this post once the new updated chart comes out after the close. But for now, you can see the bears have yet to crack the SPRI and send it lower.
Meanwhile, SPX is down 8 of the last 10 trading sessions. That is quite the rarity, but the sell-off has been consistent and the bulls have been unable to crack it.
I suspect some buying interest will make its way into the market should it test the 200-day moving average. If that does not hold, expect a retest of the lows from February, at which point, a break of that level, means all bets are off for what it does thereafter.
Here’s the reversal indicator:
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