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Market Comments for September 18, 2014

 

Tuesday the market had a wide range advance and the narrow Doji day yesterday is very common bar to follow. Actually it was a very narrow range bar but the tails were created toward the end of the day as it was FOMC day. This caused the market to dip down and rally before coming back to its original price. This does a good job of solidifying the next likely move for the market. Closing above the topping tail from yesterday, or more importantly the whole area at “1” will show a continuation of the stage II on the daily chart. Closing underneath yesterdays Doji could indicate the market is back to look for that support area down at “2”.