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Market Comments for February 20, 2015

 

Yesterday the market opened flat but rallied very strong during the first hour of the day. While it did go higher to make the high of the day at the 11.15 reversal time, it’s basically stayed sideways the rest the day holding a very strong pattern and leaving a large green bar on the daily chart. This continues the grind higher in the QQQ with eight straight green bars, and seven of them occurring on or since the very bullish day that began this new rally. The SPY has not been quite is bullish, but still following along and has a very similar weekly chart.

For today prices do have some resistance at “1”, partially because of the multiply tested high, but largely because of the extension going into this pattern from yesterday. The market however was able to produce a big green bar on the daily chart because it rested for two days, and once again we see the market taking a rest. It is very likely today will be a narrow sideways day staying mostly between “1” and “2”.