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Market Comments for January 29, 2015

 

The keywords from yesterday were “Holding above yesterday’s entire trading range is the key for today.” There was a potentially bullish gap up yesterday that reverse the prior day’s bearish bar. The market fell since open and set a morning low at the 11.15 reversal time. The rally was fairly weak however and after a consolidation during lunch the market fell. Initially just a small amount in reaction to the FOMC announcement, and then last hour sold off heavily leaving another big red bar on the daily chart. While the SPY was initially stronger, it caught up quickly and both daily charts are similar.

For today there is no support until the prior lows on the daily chart down around 99. Resistance is far away, up at “1” and “2”. The only thing preventing the market from falling early this morning would be extension of yesterday’s decline. A choppy morning is very likely and then prices will likely see a continuation of yesterday’s stage IV over the next couple of days until daily support is reached.