TVO Market Barometer 7/7/15

TVO MB 7-7-15b

We had our flush today at the open which took us all the way down to the brink of SPY 204. Then markets surged back up bringing us right back to the brink of the H&S neckline and the fringes of what has become frustratingly known as “the range” (But we all know it’ll be different this time… or will it?). Overall volume did get a sizable boost, but our Heat Gauge settled in at a conservatively cool -1. Even though SPY proudly led the pack today, the low ratio of up to down volume (not much greater than 1:1) means there may still be a little apprehension about this snapback, which leaves the bulls with what looks like just not enough buyers to weigh down their side of the seesaw. Any bears that haven’t covered yet may have their chance at SPY 202 before all is said and done. -MD

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