Reversal Indicator: Crossroads

Published 01/14/2016, 01:06 AM
Updated 07/09/2023, 06:31 AM
NYA
-

The SharePlanner Reversal Indicator was flashing a bounce signal in the market last week but with today's hard reversal following a gap up today, the NYSE is suddenly showing doubt in the merit of that bounce reading.

There's no mistaking that the market is extremely oversold, and today ushered in fear at levels that hadn't been seen since the August lows were formed. You had TICK readings that were at lows not seen since early 2014. So yes, the market right now is absolutely bonkers, and yes, at some point there will be a bounce, perhaps even tomorrow. Fear is at a pitch fever and those are the times where the market likes to burn bears in their euphoric state and kill the bulls who had finally thrown in the towel on the market.

The days ahead will be telling...

Here's the SharePlanner Reversal Indicator:

NYSE Weekly Chart

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.