The market threw big red tomato at the faces of traders yesterday, and despite a meager rally today, so far it looks like nothing more than a dead cat bounce to me.
On the SharePlanner Reversal Indicator, you have much more of the same, as the SPRI reversed lower last week, and looks dead set at going back towards the extremes again. That means there is a good chance that the market does not rally, and maybe even sells-off, before we get to the election.
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.