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Market Comments for March 27, 2015

 

Yesterday the market gapped down and initially rallied strong to almost fill the gap. It then pulled back to retest the low of the day and once again rallied strong to retest the high of the day. From there the market slowly continued to grind higher until it got through the gap fill and although it pulled back a little bit after setting the high of the day at 2.00, and still closed relatively strong leaving a small green bar on the daily chart. The SPY was the same.

Yesterday the market performed exactly as expected. A test of the area at “3” and it treated the move as novice and rallied back throughout the morning. It gets more difficult today even though the market hit the support area. This was a hard shocking drop that occurred on Wednesday and the market will likely take time to digest the move leaving narrow bars on the daily chart. Once again we have to turn to the intraday pattern to look at resistance at “1” and support at “2”. The support is very minimal and should not be expected to hold. Trading and holding over “1” would likely mean a resumption of a stage II on the intraday pattern.