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MLR - PMP 3/27/15

Major averages gapped down hard at the open yesterday but recovered part of their losses to close well off their lows. Volume was mixed. The NASDAQ Composite bounced at its 50-day moving average after undercutting the early February low, and this coincided with prior support at the top of its prior two month-range extending from late December to early February of this year. The S&P 500 and DJIA, however, remain under their respective 50-day moving averages. With the number of distribution days at high levels, the market should normally undergo further correction, but this is not a normal market. Each time since December, the market finds a shallow floor after selling off roughly 4-5%. Market averages are currently off 2-3%. Of course, the correction this time could be worse. Stay tuned.

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