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Market Comments for March 13, 2015

 

Yesterday the markets were slightly different as the QQQ gapped down a little, and the SPY gapped up significantly. The initial gap with very different on the markets as it was fairly bullish to the SPY which basically cleared an hourly base and the prior days red daily bar. The QQQ had to eat through resistance all day and the hourly chart has not yet changed trends under any definition. During the day both markets looked identical, it was just the on the daily chart head start that the SPY had on the gap up.

The day prior to yesterday left a smooth flow downward making it very difficult to determine exactly where a bullish reversal would occur. Since the markets are just barely in the proper pullback area and prices show a fairly strong day yesterday, follow through to yesterday’s move by closing green today would be a good indication that this is the new short-term daily bottom in a new stage II. That follow through is key as the markets are not out of trouble just yet. On an intraday basis the chart leaves us with no reference points other than yesterday’s low and the 107.00 area. Neither of those are terribly helpful to intraday traders who will have to let a pattern form.