Over the past few days NK has cooled down, VA has heated up, and even with Wednesday’s potential “surprise” Fed looming, SPY has managed to find it’s way right back in the 246-247 range. Volume, on the other hand, has taken quite a different path. Since the end of July, TVO has moved from HUNGRY to PANICKY, which covers quite a bit of ground as far as sentiment goes. And the bears are now holding 3 across the board distribution days under their belts.
Are the big boys just profit taking at the highs or is this the makings of a larger yet to come final liquidation sale? That answer, as you may have expected, depends on the bulls in the near term, because with conditions this oversold even one accumulation day can shift the momentum. All we need is another catalyst, and lately it seems like there are plenty of those to go around. -MD
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