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Market Comments for February 26, 2015

 

Yesterday the market gapped down and had a more difficult time trying to rally. It spent a half-hour sideways and then took the rest the morning to eventually fill the gap. It tried to break out in the afternoon but that was met with heavy selling and prices actually traded below the low the day to close red on the daily chart. This is the first red day in 10 days. SPY was similar.

Yesterday afternoon the intraday patterns were challenged but the hourly chart has not gone into a downtrend. Prices are showing a wide red bar and a retest of the prior lows at “2” which means the hourly uptrend has been challenged. There now is a good likelihood that the next rally will fail to make a new high and possibly rollovers beginning an intraday downtrend for the first time in 10 days.