TVO Market Barometer 1/23/15

TVO MB 1-23-15b

Most of SPY’s action on Friday looked to be consolidation, digesting the gains from the previous session, until a sharp move downward into the close. Watching the futures now it’s safe to assume that we’re heading towards a “sell the news” Monday morning flush (as if instability in Greece and the Euro zone is anything we haven’t heard before). The good news for bulls is that Friday’s decline was on lower volume which, as you know if you’ve been following TVO, is a shift in character from recent selling activity… meaning that dips will continue to be bought while less rallies will be sold, but a few more weak hands may need to get shaken out to lighten the load. -MD

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