TVO Market Barometer 7/14/15

TVO MB 7-14-15b

The modest amount of accumulation from Monday’s session is starting to lose steam according to volume. The market has now logged 4 straight days of a high up to down-volume ratio (as shown by the Heat Gauge reading below zero), but on 3 of those days, including today, overall volume has withered down (and anyone who thinks that SPY can now suddenly jump to all-time-highs from here may need a bit of a reality check). Is the latest installment of “deal or no deal” finally wearing down on institutional investors patience? Or perhaps they’re running it up by covering their shorts so that they can short the hell out of it again after Yellen speaks tomorrow? In any case, the bulls are going to need to catch their breath pretty soon… because the longer they hold it, the further down this thing may go. -MD

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