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Market Comments for October 2, 2014

 

Yesterday the market left another wide range red bar on the daily chart. Both the QQQ and SPY had one of the biggest red bars of the year. While the uptrends on the daily chart were broken a while ago, today both the QQQ and SPY officially went into downtrends on the daily chart. It is a very moot point because the stage III has been extreme, and the wide pattern so wild the QQQ is actually at a first support level at ‘2’. This is not shocking given the volatile pattern lately. It also is the case that this support level is not likely going to hold. First, the stage III was extreme, and the first support level will not likely hold this type of a pullback. Also the SPY has a different pattern, and will likely find its support level at ‘3’. This level is much further away for the QQQ but it is the likely resting spot for the market. After the wide red bar to some support, it is likely that today will be a narrow day.