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Market Comments for April 7, 2015


Yesterday the market gapped down and rallied for the first 20 minutes of the day and stalled right at the 10.00 reversal time. After a short stall it continued higher and set a morning high right at the 10.30 reversal time. The market continued sideways into lunch and then over lunch continued to grind higher setting the high of the day right at the 1.30 reversal time. The market pulled in a little bit going into close but mostly held the entire day’s worth of gains leaving a large green bar on the daily chart. The SPY was the same.

The market listened to our requests yesterday as the morning gap down to support at “3/4” was bought immediately and the market rallied to test the prior highs at “2”. After a brief stall the market continued higher which reignited the hourly uptrend and as discussed, makes it highly likely prices will follow through into a new daily stage II. While the action was quite bullish, it was also a large bar on the daily chart and the odds are today will see a fairly narrow bar to test new highs and also test the intraday support levels. There is nice support at “2” and any morning rally would likely be cut short if it reached the 106 50 area.