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Market Comments for February 11, 2015

 

Yesterday the market gapped up and went sideways for 90 minutes. It then began a very powerful uptrend the lasted the rest of the day without even challenging the uptrend on the five minute chart. QQQ was the strongest by far, the SPY was dragged along, and the IWM intraday today was not as strong, but is slightly stronger on the daily chart over the last few days.

Yesterday was an anomaly to some extent and should be taken very seriously. The daily chart has been sideways for the better part of three months. Yesterday it tried to break that pattern by refusing to roll over and prices continued lower from an area that was very close to the top of the resistance at “3”. Don’t be fooled by the red line at “3”. Given yesterday’s move it is likely that the market will ignore the area at “3” and resume its stage II. The only issue is that the other markets were not as strong and have not yet successfully challenged the high from two days ago.