Some additional views on VWAP, especially as relates to market averages (S.M. or otherwise) which many readers have claimed is the same. Well, it isn't. And the whole point of the technical moves over the recent declining volume period is just that: how viable are these marginal moves. Thoughts welcome (chart provided by creditresearch.com)
And lest we become accused of becoming technical chartologists, here is an interesting chart from the St. Louis Fed, showing the total value of bank credit purchased/held outright by the Federal Reserve. Nice inflection point over the past month there disclosing of who the major securities buyer recently might have been (hat tip reader Clark).
disclaimer: Zero Hedge has no positions in XLF or SPY
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