The bulls are sitting at extremes that haven’t been seen since March/April of 2016.
As you can see in the chart below, this can persist for a while longer, but I’ll be surprised if we don’t start seeing some kind of bearish reversal on the indicator that leads to either 1) price consolidation over a long period of time, or 2) a full on sell-off, within the new couple of weeks.
History says, the former is the likely outcome, while the latter hasn’t really happen since the massive sell-off back in January/February of 2016. Beyond that, there has been little-to-no volatility in this market. I mean for Pete’s sake, the VIX is trading at 9.59, like it is no big deal. In fact, it is the new normal!
Nonetheless, the SharePlanner Reversal Indicator below is certainly one of interest, and gives you good reason why you should probably hold off on getting super bullish, and instead save some capital so that you can trade both sides of the market if the opportunity arises.
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