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Market Comments for October 23, 2014

 

Yesterday the market gapped up a small amount and then left a small red bar on the daily chart. We discussed over the last two days that upon reaching the general area at “1” the market would put in either a topping tail or a red bar and we are seeing that come true today. It would be nice to see more red tomorrow to make on a more significant focal area. Even now however, if prices close above the area at “1” it would be strong evidence that the daily chart is going to resume a stage II uptrend. The SPY is being shown as the subset chart to show that the QQQ and the SPY have been in perfect lockstep over the last two weeks.