On the SharePlanner Reversal Indicator using the daily chart, you can see we received a bearish reversal signal:
Here's the Daily SPRI:
And the weekly is very close to showing the same thing, only we haven't received the reversal (i.e. red line crosses green line in laymen terms)
Here's the Weekly SPRI:
It seems all is in perfect alignment, but what concerns me most here is that the Weekly (which is by far the most important chart of the two) hasn't reached the bullish extremes that we've come use to seeing. And while you can't see it on the charts now, when we had the last reversal signal we saw an almost reversal back in early March, like we see now that eventually straightened itself out and went back up to the extremes.
With the bullish market that we have been in now for a solid five years, I would consider that to be very important and that it is very possible that we still see another pop in this market to get the Weekly SPRI at the extremes before finally getting that legit signal for the downside. I don't think it will take much for that to happen, but its the card that I believe is worth playing at this time.
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