TVO Market Barometer 7/12/16

TVO MB 7-12-16

Another day, another record high for SPY and the chase is on. What’s quite remarkable from a volume perspective is that markets are indeed still accumulating, as overall volume rose a whopping +17% in Tuesday’s session. But markets never go straight up, right? Well, as you can see they do (and they can also go straight down), but a retest of the 213 break is business as usual and can be expected. There’s no telling how far the brexit sling shot will ultimately take things, but looking back on our greater than 100% volume history and considering the law of cause and effect (for all you Wyckoff fans out there), this party may just be getting underway. -MD

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