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Market Comments for April 10, 2015

 

Yesterday the market opened flat but shot higher during the first five minutes the day. It then had a controlled pullback until the 11.15 reversal time which set the low for the day as the market then rallied back to test the high of the day. It consolidated sideways throughout lunch and then around 2.30 began moving higher as it traded to a new high and closed strong leaving another green bar on the daily chart. The SPY was identical and the IWM was weaker yesterday it has had a much stronger daily chart in general over the last few weeks.

We discussed how yesterday was a critical day for the market as it had approached that prior high on the daily chart and stalled for two days. Yesterday it successfully crossed that line, and finished strong to confirm a strong move off of the bottom at “3” and the strong likelihood of it either retesting the prior highs on the daily chart, or simply continuing the stage II daily chart and going to new highs. For today there is a strong support area at “2” if the market is weak in the morning. It is also possible that it rested enough yesterday simply continue the grind of the intraday stage II.