TVO Market Barometer 3/4/15

TVO MB 3-4-15b

Markets opened today as if someone pulled the plug, causing a gap down across the indices with SPY sinking almost as low as 209… low enough to trigger some dip buying, but not low enough to trigger all the “can’t possibly go lower” stop losses, which is what’s needed to really clean out the house. If this area remains protected by the bulls, we may see a short-term bounce as advancing volume did grow slightly on the NASDAQ. Or perhaps the bounce has already occurred, as gaps remained unfilled and we’ve only just begun to see any kind of substantial distribution (elevator down anyone?). At any rate, we are certainly in for a struggle at least until the Friday unemployment number… or until some other surprise perhaps? -MD

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