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Market Comments for January 30, 2015

 

Yesterday the market gapped down a small amount but traded lower following through on the prior day’s afternoon decline. It set the low of the day at the 10.00 reversal time and began a five minute uptrend the lasted the rest of the day returning the daily bar sharply green and retracing about half way into the prior day’s red bar the SPY was the same.

On the daily chart prices are still in a sideways pattern and this current decline did not reach the support area around 99.00 so the pressure is still to the downside short-term, and sideways longer term. For the intraday pattern the area at “1” is critical as it is the area we discussed yesterday as being the likely retracement area. Retracement has already been sharp so anything higher than that past 10.00 is moderately bullish. Failure to challenge “1” is bearish with a likely retest of yesterday’s low coming.