TVO Daily Market Barometer 4/7/16

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On Thursday the market did a double take and erased all gains from the previous session. On the volume scale essentially the same thing happened, except unlike the previous session the big board contributed to the overall volume gain, logging a distribution day across the indices. So does it matter that Thursday was more red than Wednesday was green? Well, its worth noting the times when all sides agree (or disagree), and this is the second day since the start of April where selling on heavy volume was in order. The more of those we get closer together, the more the long-term bounce crowd has it’s work cut for the them. The bulls seem to have an agenda of filling the overhead gap back to 5000 on the Nasdaq (the Q’s are already in it) before all is said and done, but unless they can show more green volume-wise the 200 dma on SPY could be the next stop. -MD

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