On Monday all the indices pushed high up and continued on their April trek into the stratosphere. This leg of the journey, however, tells a different story on the volume side of things… as up volume rose, overall fell on HG. And if that wasn’t enough, our new satellite indicator (which is still under development) has flashed a short-term sell signal. TVO has been falling since the beginning of the month and is currently holding in “Limbo” around the zero mark. It seems as if the bears have all but abandoned their hopes for a SPY gap fill, but the bulls should proceed with caution. When bears start to change sides, that’s likely when the real shakeout happens. -MD
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