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Market Comments for February 18, 2015

 

Yesterday the market opened flat. It stayed in a very narrow range and all attempts to form a new high failed in the market closed in a very sideways pattern leaving a narrow bar on the daily chart. The SPY was more bullish as the afternoon rally succeeded to make a new high and closed with a small green bar on the daily chart.

There is a small change in the pattern for today. With the extension on the daily and hourly charts any significant pivot break on the 15 minute chart may begin an intraday downtrend. That is especially true in the QQQ that actually has a bit of resistance at “1”. The SPY is a little different and does not have a similar support area to break like the QQQ does at “2”. It’s key area is right around 209.85. The market has been very strong so the most likely expectation is another narrow day.