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Market Comments for February 2, 2015

 

 

On Friday the market opened flat and quickly ran higher at the open and set the high of the day at the 10.00 reversal time. The market then fell fairly hard and set the low for the morning at the 10.30 reversal time. The resulting rally was strong enough to retest the high as the market went sideways retesting the high twice but after setting the 2.30 afternoon high the market fell to make a new low of the day leaving a red bar on the daily chart. The SPY was weaker throughout the morning but followed the same pattern in the afternoon.

It was a wild week but the hourly chart shown clears up the issues fairly quickly. There is a very significant resistance area at “2”. Trading above that would likely be very bullish for the daily chart even though there is additional resistance at “3”. There will be support at “1” and the expectation is for the markets remain in those boundaries until broken. There is no real bias in either direction as the price ranges is in the middle of the daily chart sideways consolidation.