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Market Comments for January 26, 2015

 

On Friday the market opened flat and basically went sideways for the entire morning going into lunch. After lunch a small rally traded above the high of the day but prices pulled back to close in the middle of the range leaving a small green bar on the daily chart and the SPY was the same.

The daily chart is range bound at the moment coming off the strong support at “4” but does not have a firm area as a top. That could happen anywhere between “2” and “3”. That means prices could see today grinding higher looking for “3”, however, if at any time the hourly chart breaks its stage II uptrend, the likelihood is that that will be a short-term top on the daily chart.