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Market Comments for March 4, 2015

 

Yesterday the market gapped down and fell all morning until reaching the low of the prior two days. This set the low the day over lunch and the market rallied back to retrace about 50% of the day’s losses and then coasted sideways into the close. The SPY was similar but has been more bearish over the last three days.

The pattern over the last three days changes the look of that green bar on the daily chart from Friday. As of two days later there’s been no follow through to the green bar and prices of actually engulfed the green bar. Although the hourly chart is not broken down on the QQQ, it has on the SPY. The SPY is not in an intraday downtrend yet on the hourly chart, but could be today. There also is the nuance that prices have not seen two days of red negating any bullish follow through. As intraday chart patterns are breaking down is quite possible today will remain bearish and begin a pullback on the daily chart. There are also very key focal areas today at “1” and “2”. This either completes or negates an hourly sell setup at a very key area which will likely determine the future price pattern for the next few days. Naturally yesterday’s days low is going to represent a support area if it is reached this morning.