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Market Comments for January 27, 2014

 

Yesterday the market opened flat but fell quickly during the first 20 minutes of the trading day. That set the low at the 10.00 reversal time and the market began a five minute uptrend that lasted all the way until 2.00 as the market traded to a new high of the day. From there the market pulled back a little into the close and closed with a narrow green bar. The SPY was the same.

With this pattern on the daily chart narrow days are expected and it is likely prices will continue to see the daily chart finish its trip to the area up at “3”. Since the daily could top out in the area at “4” any serious bearish day could begin that move, but until then the expectation is for narrow days in an eventual challenge of “3”. On an intraday basis trading above “2” would likely continue the 15 minute uptrend. Below “1” breaks the 15 minute uptrend and given the overall chart could begin the formation of a red bar on the daily.