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Market Comments for March 20, 2015

 

Yesterday the market opened flat and simply went sideways for the entire trading day in a very narrow range. The high was set in the morning at the 10.30 reversal time, and the low was set in the afternoon leaving lunch at 1.00. They were not terribly significant times as the pattern stayed in the tightest range is seen in a long time. The SPY was similar.

Nothing was learned yesterday as the market simply went sideways following the bullish wide range bar that was created by the FOMC announcement. The same issues apply for today. The more the market rests the more likely a continued move above that consolidation from yesterday will continue the stage II daily. As it stands right now, there has to remain another neutral bias until prices dictate follow through to the rally or if they will need to correct down to the area at “2”. A break of support at “1” early in the day does not necessarily mean prices will begin to decline. It will require follow through or a breakdown later in the trading day.