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Market Comments for March 5, 2015

 

Yesterday the market opened weak and traded sharply lower during the first 30 minutes of the day. This set the low of the day at the 10.00 reversal time and the market rallied sharply to make a new high of the day right at the 11.15 reversal time. From there the market went sideways throughout the rest of the day closing strong and leaving a big bottoming tail bar on the daily charts similar to the prior day. The SPY was similar.

If you notice yesterday’s comments, it was discussed that once under the line that is being shown at “1” today, it would be a bearish bias. Today we have really the same situation. “1” now represents a big resistance area, over which prices would likely resume an intraday stage II. Underneath “2” continues what is now an intraday downtrend with no firm support area on the daily chart to look for.