TVO Market Barometer 4/28/15

TVO MB 4-28-15b

Today is the 3rd consecutive day that our volume oscillator has returned the exact same value, which could be the result of one of 2 things. Either the trend in up-volume accumulation that has dominated since the beginning of April (yes the market has gone up since then, too) is now slowly starting to turn, or… the market is just waiting for the mighty “all clear” signal before blazing onward. With all the shakeouts we’ve had, (today included which was accompanied by solid institutional buying, especially on SPY) it seems that the bull thesis is sound for the time being. It also seems to depend on whether the Fed will continue to inspire the street to “sell the rumor and buy the news” (pun intended) with every meeting. Most know how that story goes, but this week we also have the end of the month… so watch carefully as this could be the perfect combination for fireworks to fly. -MD

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