TVO Market Barometer 6/11/15

TVO MB 6-11-15b

On Wednesday, markets stepped up to the plate and hit a fly ball that stayed airborne all the way into Thursday. Volume momentum tapered off today, however, as SPY reentered the 212 resistance area in a similar way to the action of earlier this month. An often heard technical claim is that resistance grows weaker every time it’s tested, but as far as TVO is concerned it’s really all about the strength of the players at bat. The big boys were up this time and the accumulation they whacked into play (the highest level in June so far) is not likely to evaporate that easily. That’s not to say that the 210 stop hunters will be taking it easy either, but the sell-the-rally folks may want re-tune their strategy because if we get another hi-fly soon, it might just make it out of the park. -MD

For more on market volume, The TVO System, or how to trade options follow me on Twitter (@TradingLicks) and StockTwits!