TVO Market Barometer 4/14/15

TVO MB 4-14-15b

The best the bulls could have hoped for after yesterday’s flush was a hammer day with some heavy volume accumulation behind it. And that’s exactly what we got today… at least on SPY that is. On the NASDAQ, high down-volume has won over for the past two sessions (although not enough to call it distribution), but one index does not a market make. Of course many folks do pick a favorite now and then as the so-called “leader”, usually going with the one that’s leading at the time (and justifying it by saying that that’s the index that usually leads). Market direction can stem from many indices or sectors, so TVO strives to give them the fair attention they deserve. It’s an industry secret as to which ones and how it’s calculated, but the upward moving oscillator indicates that leadership is out there if we care to follow. -MD

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