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Market Comments for February 2, 2015

 

On Friday the market opened flat and fell during the first 30 minutes of the day. As has been typical, it rallied back to test the high the day but stayed well short of it. From there it went sideways with narrowing highs and lows until finally the lunchtime consolidation broke to the downside in the market fell for the rest of the day making a new low, but staying above the prior days low. The SPY was similar but noticeably weaker.

Again the commentary remains similar as the daily chart and hourly chart continue to remain in a sideways pattern. What has changed is that every attempt to rally the market has met with selling toward the end of the day over the last three days. While the intraday pattern is not completely broken down yet, given the extension on the daily chart it is likely we will see a daily pullback which will begin as soon as the intraday pattern successfully breaks down. On the other side, if the market continues sideways, the more it goes sideways the more likely a break above that consolidation will be successful to continue the markets daily stage II. At the moment however, as has been the case for the last three days, sideways is the pattern until it is broken.