It is one of those rare occasions where the SharePlanner Reversal Indicator for the Daily and Weekly time frames coincide with each other at the exact same moment. As of this morning, both the charts are flashing reversal signals for the market.
Now it is worth remembering that there are two types of reversals – one that happens through price, which is what most of us are accustomed to seeing, and the other is through time. The latter can be frustrating as it makes trading very difficult, and when you are in the midst of a very legitimate uptrend, corrections through time are very common.
Whether that is what we are facing right now remains to be seen. The bears have not done much in the way of technical damage to the charts of SPX. The Russell was damaged a bit yesterday, but with today’s rally off of the lows this morning, following the petroleum report, the market is now making another attempt to take out last Friday’s highs.
Here’s the SharePlanner Reversal Indicator for the weekly time frame and you can see for yourself what one of the best indicators out there is saying about current market conditions.
Here’s the Weekly SPRI:
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