TVO Market Barometer 5/28/15

TVO MB 5-28-15b

Markets hung in there today with SPY consolidating in a tight 1 point range near the highs, digesting yesterday’s swift comeback move. Things did heat up quite a bit volume-wise as the HG climbed up again all the way to +22, but this time overall volume took a breather. The ebb and flow of advancing on higher volume and declining on lower is suggesting that once again (for the time being) markets are settling into accumulation mode. Of course if you were only exposed to news headlines, there would be a much more sinister feeling in the air as China dives, Greece whipsaws, and the dollar is, well, worth almost a dollar again. But the real driving force behind the market is a more simple one… supply and demand. And the last bit of the overhead supply lies just a stones throw ahead. -MD

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