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Market Comments for April 9, 2015


Yesterday the market opened neutral and rallied strong during the first 30 minutes to test the prior day’s high and the significant resistance area at “1”. This set the high for the morning right at the 10.00 reversal time and the market fell most of the way to the low the day but found support before the low of the day and rallied back once again to test the high of the day at “1”. From there the market stayed strong the rest of the afternoon, other than a quick reaction to the FOMC minutes at 2.00.” It closed on the high of the day leaving a small green bar on the daily chart right at the daily resistance area. The SPY was similar.

Today will be a key day for the market and will likely set the tone for the daily chart for days to come. We discussed several times how that lower high on the daily chart 7 days ago became a key area. The rally back to test that area on the daily chart has the market looking poised to move above that prior pivot and continue to the prior daily chart highs and the 109.00 area. If it fails to do that and leaves a red bar closing under yesterdays low, it will indicate a retest of the area at “3”, a support area that is gradually weakening.