TVO Market Barometer 4/28/16

TVO MB 4-28-16

The indecisiveness of the indices (say that 3 times fast) seems to have taken a turn as today’s down move has SPY and the Nasdaq finally on the same page… both price-wise and volume-wise, giving us the first distribution day we’ve had since 4/7 and only the 3rd one we’ve had in April. The question is do we go for 4 tomorrow? The SPY 206 gap is just aching to be filled, but we do have signs of somewhat exhausted down volume (HG overall volume is +9%) which could spark some kind of a reversal in the near term. -MD

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