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Market Comments for September 30, 2014

 

Yesterday the market gapped down all the way beneath Friday’s green bar, but stayed above the support area at “2”. It was nevertheless a potentially bearish gap but yet the market rallied the entire day and actually traded above Friday’s green bar (in the QQQ) and closed strong. This very much reinforces the support area at “2”. Closing under that would cause of more severe price correction, but at the moment it looks like the odds continue to be a retest of the area at “1”. This will be especially true if the market manages to close over the high of the last two trading days.