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Market Comments for March 17, 2015

 

Yesterday the market gapped up following through on the apparent bottom that was set on the daily chart Friday and continued to rally right through the high of the prior three trading days. It was a strong rally that did not set a morning high until 11.30. The market stayed consolidated in a tight range throughout lunch holding its gains and then at 1.00 began to grind higher again closing strong and leaving a green bar on the daily chart.

The last commentary stated that if the market were to trade above the high of the last three days and hold those gains past the 10.30 reversal time that we would likely see an effective daily bottom and the continuing stage II uptrend on the daily chart. That is what has occurred. There will be a first support area today in the area of “1”. If the market opens weak, the area at “2” is also a bullish pullback area. Otherwise there is a good chance we see continuation of the 5 and 15 minute uptrends for a second strong day in the markets. While the area at Friday’s low maybe support, it is not going to be bullish for the market to retest that area.