The market is gasping for air everytime it revisits the all-time highs that it made back in June. Yet the bears have yet to show up and relieve the market at current price levels that the bulls can’t seem to do anything with. 

As a result you have a stalemate. We got the bearish reversal signal just a couple of weeks ago, but still, no dice for the bears. Instead it is doing what it always does, and that is the market is correcting through time rather than price. 

On the weekly chart, as you can see below, the trend line off of the October lows has been broken.  But it isn’t because the S&P 500 is selling off, it is simply because it’s not doing anything at all, and the trend line continues on its current trajectory. 

So right now we have to wait and see. Go where the market is willing to take us, but not force the issue on the market of trying to bend it to our will. 

Here’s the SharePlanner Reversal Indicator:

shareplanner reversal indicator 7 13 17

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