Daily Backing Up Market Move
Ryan Mallory | May 21, 2015 01:16AM ET
The SharePlanner Reversal Indicator on the daily time frame is showing a reversal that is just getting underway to the upside.
Here's the Daily SPRI:
On the Weekly SPRI the picture shows the potential end of a downtrend that has seen the bands of the SPRI that traditionally hit extremes find its reversals in both direction come much earlier than usual.
Here's the Weekly SPRI:
Overall, the S&P 500 chart is very strong, and the daily is confirming that. If the Weekly SPRI can confirm the same move in the days ahead or sometime next week even, there is the potential for a very strong market in the weeks that follow.
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