TVO Daily Market Barometer 3/15/16

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The sideways action we’ve had over the past few days has lacked the institutional support the bulls would like see, and is not what many folks would say is “normal” buying action at the 200 dma. Volume-wise, the only recent tell-tale signs of what the big boys are doing is Tuesday’s drop off (scorching on the Heat Gauge) on rising volume, logging the first across-the-board distribution day we’ve seen since 2/11… Yes, that was the day SPY hit 181. So will Wednesday’s Fed be a sell-the-news event, or will we continue to rise as more and more big players jump off the speeding train? You can decide, but other than the unfilled gap up to SPY 204, the bulls are quickly running out of technical reasons to justify continuation at this point. -MD

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