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Market Comments for April 15, 2015

 

Yesterday the market opened flat and after a brief attempt to rally it fell hard following through on the prior day’s afternoon decline. It set the low the day at the 10.00 reversal time, which was retested at the 10.30 reversal time after a small bounce. That did confirm the low as the market began to grind higher setting the afternoon high during the middle of lunch at 12.30. The market then consolidated sideways for the rest the day closing in the middle of the day’s trading range leaving a Doji on the daily chart.

Yesterday it was clearly identified on the chart that “4” on today’s chart was the area of support and the market responded to that area right at the morning reversal times. The bounce was neutral and there are two technical issues to balance today. It all reverts back to the daily chart and whether or not this “W” pattern that happened over the beginning of this month is going to set the stage for a new stage II daily. This morning’s decline actually landed at the top of that “W” and held. Even though it is conceivable that the market wants to retest the support at “3”, this chart pattern indicates that a smaller pullback should hold and the prior highs from earlier this year retested on the daily chart. The intraday pattern will be simple to determine today as prices have significant support and resistance areas at “2” and “1” respectively. The path of least resistance would be for prices to break resistance at “1” to continue the hourly stage II.