TVO Market Barometer 4/24/15

TVO MB 4-24-15b

Another record high NASDAQ close. SPY is staring right down the barrel of the 212 area of previous resistance and the Dow is loving 18000 again. It’s party time, right? Well, some would say that we’re somehow missing some of the rallying exuberance of days gone by, and volume does seem to reflect that for the time being. Is it that the boats are too loaded up from the past few weeks to take on any new passengers? Well on Friday, volume action did take a bit of a pause as up/down volume was almost at a perfect equilibrium. One solid day of selling could tip the scale the other way, with the Fed being the most likely catalyst… but then there’s AAPL, where the bar keeps getting higher and higher (When folks don’t expect much that’s usually when surprises happen). BTW if TVO does reverse soon, it wouldn’t be a short unless the oscillator value goes up much higher… and the market along with it as well. -MD

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