TVO Market Barometer 5/22/15

TVO MB 5-22-15b

As the words of the Fed start to clarify the intention of their future actions, investors seem to be getting more and more unclear about how that affects them… from a volume perspective that is. Divergences in up and down-volume across the indices suggest that indecision is out there, but since Friday was a low volume day overall none of that really has much bearing at this point. The bearish down move in the last 30 minutes of the session, which helped push our Heat Gauge up to +13, is more about the “high-fiving, don’t even mess with our SPY breakout” bulls taking off early for the holiday weekend, than about any significant selling taking hold. So it’s looking like most of the big boys are staying put for now, but we’ve got (almost) a week ahead of EOM economic data that’s sure to cause even more investor confusion… and if support levels continue to get tested, the bears will surely be waiting for their chance to spoil the party. -MD

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