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Market Comments for March 18, 2015


Yesterday the market opened with a small gap down and stayed between the prior day’s close and the opening price throughout the first 90 minutes the day. The market traded lower to set a new low for the day at the 11.15 reversal time. This set the low for the day is the market touched the support area and began a rally that lasted nonstop until almost close. The market closed strong leaving a small green bar on the daily chart. The SPY was similar but weaker as it was not able to trade above the high of the prior day.

The comments from yesterday will apply today and likely for the next couple of days. Prices successfully found support on the daily chart and completed a daily Pristine Buy Setup. The support area marked on the chart from yesterday at “2” held perfectly to set the low for the day as the market rallied for the rest the day. The hourly trend is up in this is the key pattern that will dictate the direction of the market going forward. That support level, similar to yesterday, is now at “1”. It is also quite possible the market simply continues the five and 15 minute stage II patterns on a strong open. There may be some resistance in the 107.50 area if reached today, but in general it is blue sky above for the market once again.