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Market Comments for July 23, 2014

 

Yesterday the market gapped up and after a small early-morning advance, it went sideways the entire day leaving a small green bar on the daily chart, but one that is sitting above the prior days on the daily chart. The QQQ was a more bullish, but both that the job and showed yet another day a follow through to the key reversal bar three trading days ago.

And so begins the string of narrow range trading days once again. The power trend on the daily chart will likely resume, however this time it likely will be shorter lived in duration than the last one that went from mid-May until the end of June. It is likely prices will grind higher, but either begin a choppy pattern or possibly accelerate higher on a gap or a wide bar which will put a short-term top in place. W will wait to see how prices after the next couple of days.