For a day that was supposedly packed with earth shattering catalysts, last Friday’s market barely shook the ground as overall volume fell -8%. The Heat Gauge was quite TORRID, though, which means that while many nervous newbie investors may have fled (What the Potus doesn’t tweet can be just as concerning as what he does), institutional players were more like “same old same old,” and are content to remain unfazed until the next slew of economic data comes along. This particular range of a/d volume historically has a slightly upward bias, whereas if HG was slightly hotter the move would lean more towards “down” the next day. And the next day is only one of 4 market sessions this week, so for some folks, Good Friday’s key reports (retail, consumer sentiment) could mean yet another nervous weekend lies ahead. -MD
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