TVO Daily Market Barometer 2/29/16

One could hardly say the extra day in February was a leap day for stocks, as markets took the afternoon plunge after once again being unable to push through the SPY 195 resistance area. As we mentioned last week, the criteria for a successful breakout was severely lacking in the volume department and now that volume is finally starting to filter in it is weighted on the downside, which is not the kind of orderly pullback the bulls have been calling for. On the eve of Super Tuesday, perhaps folks are just getting ready for the first real taste of how election jitters will affect the markets for months to come.

While not a scorcher, the Heat Gauge did have a somewhat of a Torrid reading, coming mostly from some firm

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