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Market Comments for February 19, 2015

 

Yesterday the market stayed in a very narrow range staying contained within the boundaries of the prior day’s trading range between “4” and “5”. It stayed that way until the release of the FOMC minutes at 2.00. After that the market did its usual routine and ended up trading higher into the close staying above the two day consolidation.

The intraday pattern remains very bullish as the market traded sideways for the better part of two days in a narrow range then continued higher without the need to pull back to correct. We discussed for a number of days now, the likelihood of the market grinding higher and that is what we are seeing with the current pattern. There is support at “4”, but if we open weak support will also be found at “5”. There is no resistance in sight.