SharePlanner Reversal Indicator: Weakened Reversal Signal Stands
January 7, 2013 - 12:59pm
Reversal Indicator Sell-Signal loses strength after last week's rally
Last week brought us a massive rally similar to other market bottoms of recent past. The only difference though, were those market bottoms came on the heels of the market making new lows, this time around it was after making a new 'higher-low' on an existing uptrend.
The sell signal at this point doesn't look as strong as it had at the beginning of last week, nonetheless, I wouldn't discount it at this point. It will need another strong week higher to prevent the sell-signal from becoming null and void, and with the S&P 500 hitting the upper channel, a sell-off throughout this week seems more likely than not.
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