Defensive Posture Becoming more Relevant

One measure that I follow daily, Joe Granville’s 1963 chart formula for On-Balance Volume.  It has been flashing warning signals on the S&P Index since late August 2014.

Now we have OBV chart with a left shoulder on 8/29/14, a double top for the period 11/24/14 to 12/29/14, and a right shoulder defined on 3/4/15.