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Market Comments for February 24, 2015

 

Yesterday the market opened flat and initially traded lower but quickly found support from the prior day at “2” right at the 10.30 reversal time and rallied back to the high the day. That set the range for the rest of the day as the market stayed in a narrow consolidation and left a small green bar on the daily chart. The only anomaly was a rally during the last 30 minutes that landed above the top of the consolidation and closed strong. The SPY was similar.

All timeframes are very strong and very bullish. The daily chart is very extended but that only is a demonstration of how strong the market is. The intraday pattern has not yet broken. With the daily extended to the point that it is, traders should react when the intraday pattern goes into a downtrend. During this entire rally the 15 minute and even the five minute chart to remain flawless. There is support at “2”, if that is broken after the morning reversal times it should be taken seriously. Otherwise the expectation to remain between “1” and “2” for the morning and perhaps grind higher in the afternoon is the norm.