In recent trading days of the main developments in our market place mainly in the second half of the trading session in reaction to incoming reports the results of US-companies. The main market index vane SP500 sends conflicting signals. Since the beginning of the new year here there is the classic range of trade (1130/1150) - up and down. Nevertheless, the volume of positions on the index has been steadily increasing (the indicator OBV-Comp in Figure 1). Thus market clearly repurchase, but try to avoid overheating of prices. Such a tactic is justified if there is the prospect of subsequent removal of the price upward. If the current low risk (index VIX is near the annual minimum) initiative remains on the side of the bulls.

MICEX index closed down (1461 on) yesterday, below the level of weekly inventory prices (IAD-5 = 1468 etc). Short-term speculators tried to play down on the background of heightened external risks. Technical factors also provoked increased sales. In particular. The gap between the adjacent levels of support OVR-5/OVR-20 has now reached ~ 3.9%. The last time such disparities were observed in the market in the second half of October last year.

Next, an attempt to pass gathering of the zero level indicator OBV-Comp (Fig. 2) also failed, and this means that the market may take a little pause before the storm again, possibly before the end of the week. In this case, in the coming days we can expect lateral movement on the declining speed. The main supporting guidance will continue to be a week-long book price OVR-5. We should start to run for it straight from today"s opening. Purpose - to consolidate forces to score for the level of 1,500 p. In the future, we expect output indicator OBV-Comp in the region of positive values, ie follow the same route as the index SP500.

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