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Market Comments for February 17, 2015

 

On Friday the market gapped up and pulled back mildly, leaving the gap unfilled and setting the low of the day at the 10.30 reversal time. From there is began a strong uptrend that lasted until the end of lunch. A rather stiff pullback occurred but set a new low for the rest of the day at the 1.30 reversal time as the market rallied to new highs into the close.

This continues the strong intraday uptrend for the fourth day in a row. It is a near perfect 15 minute chart and is now well above prior daily resistance at 3. As discussed early last week, this is likely the beginning of a new stage II daily and so far the market if following through. There is ‘no’ resistance for today, and the pattern is only slightly extended. There is good support at ‘1’.