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Market Comments for April 14, 2015

 

Yesterday the market gapped up a small amount and then rallied strong for the first 30 minutes of the day. It set the high of the day at the 10.30 reversal time and then began to fall. After pulling back to a support level over lunch, the market then accelerated lower for the rest of the afternoon closing at the low of the day leaving a red bar with a topping tail on the daily chart. The SPY was the same and the IWM showed relative strength.

As discussed yesterday, the market did not open weak so the expectation was to continue the intraday trend which it did until approaching the prior highs on the daily chart. This put a lid on the market and it had a drastic drop in the afternoon. As we also discussed, it is not likely the market is going to be revisiting the lows, which means a likely support area will be in the wider range of “2”. The market could reach that today or any time this week depending on how fast it continues the intraday stage for. This morning will be difficult as there is no support level in sight until “2” but yet the drop has the market somewhat extended to the downside.