TVO Market Barometer 8/29/16

TVO MB 8-29-16

As the “Wall of Worry” continues and with markets still accumulating, there hasn’t been much to write about (without sounding like a broken record)… until now, that is. After what looked to be a shrug off of the Fed’s vacation comments, Monday’s rise on a severe drop in overall volume (-16%) may finally give the bulls something to worry about it. With TVO closing in on 0, it appears like the rally’s legs are weakening. But before the bears start foaming at the mouth, IO being still stuck in a range means advance/declining issues are still digesting, and the steep drop off the cliff that folks are anticipating (if it ever happens) may still be a ways off. In any case, with the jobs numbers (and the the Fed again) coming up, any chance to sell into strength in the next few sessions is an opportunity the bulls may not want to miss while the going is good. -MD

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