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Market Comments for February 12, 2015

Yesterday the market gapped up a small amount and traded higher all the way until the 11.15 reversal time. That set the high for the day as market fell rather sharply to make a new low for the day just before 1.30. That set the low for the day as the market rallied back to test the high the day and closed with a small green bar on the daily chart. The SPY was similar but slightly weaker.

While yesterday was mostly narrow and very choppy it was an important day because the market made a powerful move the prior day and threatened to break out of this daily area. It was important to see at least some follow through today, or at least not a complete reversal of the prior day’s gains. The market accomplished that and this makes a bullish statement. For today the intraday support is in that wider range at “1”. There is no other support until prices visit the low from three days ago. The grind higher as discussed yesterday is a likely path. Choppiness like today will likely continue. The market has not broken out yet, so a big red bar on the daily must be taken seriously, if it occurs, but it is highly likely a new Stage II is beginning on the daily.