TVO Market Barometer 4/1/15

TVO MB 4-1-15b

We had a hammer day with some nice consolidation around our good ol’ friend SPY 205, so it appears that things are starting to turn around, but we’re not out of the woods yet. SPY up/down volume was about even, but with down volume still heavy on the NASDAQ we could get a morning flush just to make sure that folks are still paying attention. We have a turn in the oscillator which means that recent distribution, along with some volume dry up, has tipped the scale in the other direction. In the absence of more selling, the two things that can drive the market higher now are more accumulation and/or time. The Good Friday jobs report could be the gift of time that the bulls need, as any catalyst reaction will just have to wait until after Easter Sunday dinner. But it all depends if the bears are still hungry on Monday. -MD

For more on market volume, The TVO System, or how to trade options follow me on Twitter (@TradingLicks) and StockTwits!