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Market Comments for January 28, 2015

Yesterday the market gapped down a very large amount and then traded sharply lower all the way until 10.30. That set the low for the day as the market rallied back to set the high for the afternoon just after 3.00. While that challenged the high the day, there was still a large gap down that was being left unfilled. The market then fell again into the close leaving a solid red bar on the daily chart. The SPY was not quite as weak but similar.

While this is very bearish action it is happening inside of what is likely a stage III or a wide pause in the market. That means all of these actions have to be taken with a grain of salt. As of this morning the market is gapping up large enough to clear yesterday’s red bar which would be exceptionally bullish. It would likely reignite a stage II on the markets. Holding above yesterday’s entire trading range is the key for today.