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Market Comments for March 24, 2015

 

Yesterday the market gapped down a small amount and then fell during the first few minutes to set the low of the day at the 9.35 reversal time. From there the market rallied to what ended up being the high of the day just after the 10.00 reversal time. The market then stayed inside that very narrow range for the rest of the trading day and close leaving a very narrow bar on the daily chart slightly under the prior days now bar. The SPY was the same.

The market stayed in a very narrow range which was exactly what was expected in yesterday’s comments. This will likely continue for another couple of days. After that there is no way of knowing just yet if we will see a retest of the prior lows on the daily chart, or if prices will maintain a sideways pattern until breaking out to resume the stage II on the daily chart. As more information is learned it will become much clearer. Already there is enough consolidation that it will be a valid technical pattern to assume a continuation of a stage II daily chart if prices gap or trade above the high of the last four days and maintain some follow through. Yesterday’s support line at “2” held perfectly but prices also did not bounce from that area. Today’s areas are at “1”, and again at “2”. There will likely be follow through in either direction if these areas are violated after the first 30 minutes of trading.