TVO Market Barometer 8/12/15

TVO MB 8-12-15b

Up until about noon today it was looking like the bear’s “Welcome to the Death Cross” party was getting underway, when suddenly the market staged a rather decisive reversal. Just like the previous session’s drop there was a sizable boost in overall volume, but our Heat Gauge with a minus one reading tells us that up-volume didn’t have much over down this time, so the bulls can’t really lay claim to today as an accumulation day. What’s clear at this point is that this market is set on making it continually frustrating for both sides to make any progress, but until the bulls can cool things down a bit more from here, this round will likely give the bears the upper hand. -MD

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