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Market Comments for February 4, 2015

 

Yesterday the market gapped up and initially continued higher following through on the prior day’s late day rally. It ran into the prior highs at “2” at the 10.00 reversal time and then fell throughout the morning until it found the perfect support area we discussed yesterday at “1.5”. From there the market rallied not only to retest the high of the day, but to actually trade above the resistance level at “2”. The SPY was identical except it maintained a more bullish pullback during the morning.

The pivot at “1.5” was actually a very significant area and was on the chart exactly at that spot yesterday. The very sloppy pattern from last week cleaned up considerably between Friday afternoon and Monday. That area acted as perfect support today as the market start off bullish and finished bullish while barely encroaching into the prior day’s trading range. There is no resistance today intraday, and on the daily chart it is not until the 104-105 area. There is support from yesterday’s high down to ‘1’.