Pristine Trading
0
All posts from Pristine Trading
Pristine Trading in PristineTrading.com,

Market Comments for March 23, 2015

 

On Friday the market gapped up enough to clear the prior day narrow trading range. It went mostly sideways for the first 90 minutes of the trading day but never even threatened to fill the gap. It made a new high just before lunch and then consolidated during lunch. One more new high set the high for the day at the 1.30 reversal time as the market then fell to close near the low the day but still well above the prior day’s close. This left a small red bar on the daily chart sitting above the prior day’s trading range and at a prior daily resistance area. The SPY was similar but didn’t gap so was inside the prior day.

The market has narrowed and range the last two trading days as prices are approaching the prior high on the daily chart on quite an extended run from last week. Prices in this situation will usually take a day or two to stall before continuing to new highs. Given the extended run to the prior high at the beginning of March it is likely that the market has more of a correction from that prior high. On an intraday basis support will be found today anywhere between “1” and “2”.