Bearish on my reversal indicator
For nine out of the last ten weeks, the market has risen in a ferocious manner. Unhinged you may even say.
But this week has been quite different, and on the weekly chart the bulls are staring into the face of a bearish engulfing candle pattern. More importantly is the indicator below which saw some massive overbought readings on the RSI, and now on the SharePlanner Reversal Indicator, we have a bearish reversal unfolding, and the last few times we have seen such an occurrence, the market has seen moderate to severe selling.
Today the bulls are trying to hold on to the 200-day moving average, and there’s a good chance that they will on the daily chart, but should that break as well (the 20-day already broke today), we will see a much bigger pullback in the week ahead that should challenge the 2700 price level.
Here’s the SharePlanner Reversal Indicator:
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