This is an update of my Jan. 30th post, with emphasis on the upper pane of the chart.  See that post for explanations of the indicators being shown here.  (BTW, the correct abbreviation for that purple indicator is MVPT, for Modified Volume Price Trend, not MPVT.)

Even as the short and intermediate term trends of the S&P 500 are strongly up (see my previous two posts of today), distribution is continuing, strongly, out of the U. S. stock market.  The average volume on up days, green curve, has been declining steadily since early February, while the average volume on down days, red curve, holds steady far above it.  This says that the “smart money” are continuing to bail out of the market, which usually foretells a new downtrend.  We just don’t know when.

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