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Market Comments for August 26, 2014

 

Yesterday the market left another narrow range bar on the daily chart. This one turned red because the market gapped up quite a bit so it set the high of the day early in the day and spent the rest of the day giving back some of the profits from the gap. No how you measure it, this was still the 14th bullish day in row. They were virtually all narrow days, at least the last half of the rally.

A temporary cap is often put on prices when they gap after a multiple day advance. It’s possible that yesterday will begin a profit taking pullback on the daily chart. We are losing track of any real focal areas on the daily chart. “1” is really the only area of interest right now. Though it is shown with a single line, it is actually a rather wide area, maybe a full point wide. This is a likely area for a pullback to land and still maintain a bullish uptrend. Look for that is the target if the market puts in a bearish bar today.