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Market Comments for April 13, 2015

 

On Friday the market opened flat and shot lower for the first few minutes of the day but quickly reversed as a set the low the day at the 9.35 reversal time and then began to grind higher. Prices simply ground higher all day on the five minute chart maintaining an uptrend and simply following through on the prior day’s intraday move. This leaves another green bar on the daily chart making five bullish days in a row. The SPY was the same.

The market simply followed through and continued the intraday rally that has been in place ever since Monday’s wide range daily bar coming off the support area at “3”. As the QQQ daily chart approaches its prior highs (1) it is quite likely that prices will see a stall somewhere in that area. The SPY daily chart is slightly different as it has a lower high in place and will be approaching it very soon. The IWM has a significantly different pattern and is more bullish, as it is on the verge of making new highs. While the stall at the prior highs is likely, that “W” pattern that was put in place this week coming off the support area at “3” implies that prices will not be returning to the lows of “3”, but rather beginning a new stage II daily chart after prices stall or pullback at the prior highs. Intraday support is at “2” if there is a week morning; otherwise the grind from Friday is likely to continue.