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Market Comments for March 30, 2015

 

On Friday the market opened flat and immediately rallied to test the high of the prior day. It set that high right at the 10.00 reversal time which was the morning high. It then pulled back to test the low of the prior day which set the low of the day right at the 10.30 reversal time. After another test of the high of the day, the market simply stayed in a very narrow range inside the prior day’s trading range. Some late day news popped the market just above the high of the day going into the close.

It was stated that Friday would likely be a “boring narrow day” and that’s exactly what it was. The chart being shown is exactly the same as it was Friday; we simply have an extension of the sideways pattern on the 15 minute and 60 minute charts. The declining 20 period moving average has now caught up with price on the hourly chart and prices will likely see the movement today. The good thing about the narrow day is that it affirms the support and resistance at “1” and “2”. That means that trading above “1” after the morning reversal times will now have a greater likelihood of following through to stage II on the bigger time frames. Likewise under “2” is more likely going to continue the intraday stage fours.