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Market Comments for April 8, 2015

 

Yesterday the market opened flat but rallied hard during the first five minutes of the day. It pulled back to set a morning low at the 10.00 reversal time and then rallied hard to set the high of the day at the 10.30 reversal time. The market went sideways throughout lunch and began to break down at the 1.30 reversal time. It fell very hard during the last hour of the trading day to close leaving a small red bar with a big topping tail on the daily chart. The SPY was identical.

We noted yesterday that any rally to the local 106.50 area would likely die in that area. It did just that and the market pullback toward the end of the day leaving a big red bar on the hourly chart. There is support anywhere from “2” up to the general area that the market closed at yesterday. The hourly uptrend is still in place, the stiff pullback simply compensated for a very strong two day rally. The expectation is for the hourly stage II to continue although prices may see some resistance is they reach “1” because it is not only found on the hourly chart, but on the daily as well.