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Market Comments for October 20, 2014

 

On Friday the market gapped higher and cleared the highs of the prior two days in the QQQ and the SPY. Although the market tried to move higher it pulled in and left a Doji on the daily chart. If the bulls are going to make an attempt at new highs for the year on the daily chart there will definitely be a critical area for them around “1”. If the bulls were just a quick fizzle over the last three days then Fridays high or the general area at “2” will be the top for sideways pattern for a period of time. It is most likely the bulls will make an attempt at reestablishing new highs but will have a very difficult time dealing with the area at “1” if it reaches that area in the beginning part of this week