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Market Comments for February 27, 2015

 

Yesterday the market initially opened flat but then fell to test the prior day’s low at “3” at the 10.00 reversal time. This set the low for the day as the market rallied to make a new high and to test the high of the prior day at “1”. After failing to exceed the prior day’s high on several attempts, the market fell throughout lunch setting a mid-afternoon low at “2”, which sparked a rally to test the high of the day one more time. A big difference today was that the SPY was significantly weaker throughout the entire day.

The commentary continues to be spot on for today. The key support area continues to be as it was yesterday at “3”. However, there is now a support area at “2” which should not be broken after 10.30 in the morning. If it is, it will likely lead to a bigger breakdown throughout the rest the day. A difference today is that the SPY was significantly weaker and already has broken its hourly uptrend. All of this is afairly normal reaction for a market that has been quite extended but is choosing to consolidate rather than fall at the moment. Again, whenever the QQQ breaks its intraday uptrend, prices will likely see the beginning of a pullback on the daily chart.