TVO Market Barometer 6/21/17: Are days looking short for the bulls?

The first day of summer is the longest day of the year and on Wall Street, especially for the oil market, it was a long day indeed. Distribution continues to take hold over most of the indices, but on the Nasdaq it’s like time is standing still as the bounce off last week’s lows continues to consolidate. TVO, like the solstice, is also standing still and is now on the edge of what could possibly a reversal back towards zero. Can the Nasdaq be a leader and pull the rest of the gang along with it to the upside? The answer to whichever way the divergences resolve is floating somewhere in the summer wind. But as the days grow shorter so does the bulls chances of turning this around in the near term. -MD

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