MAP: First day of more buying than selling appears (2/15/2018)

As stated in the body of this week’s MAP View, “The 2 things we are on the lookout for in the coming week are any signs of buying and/or any exhaustion of selling. We are bullish on equities long-term and see pullbacks, like we are witnessing, as buying opportunities once the storm passes.”
Today’s results showed the first sign of more unusual institutional buying versus selling since Thursday February 1st. Additionally, we are noticing selling signals as slowing.
Bottom Line:
Looking ahead, we feel the eye of the storm has passed and most likely the lows made on Friday were the retest (ie near-term lows). Looking at the data today, based on history we are heading higher.