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Market Comments for September 10, 2014

 

The resistance and support areas at “1” and “2” in the QQQ and SPY were reinforced very much yesterday as the market left a large red bar that pretty much engulfed that entire trading range. This actually is a very bearish bar as the market went to touch the top of resistance at “1” and fell all the way to support. Although support was not violated these two red bars inside the trading range have bearish implications.

More importantly these double red bar set up a tremendous focal area in general. If the market is able close over “1” this is a very bullish sign that would ignite a new stage II daily. Until it happens however the likelihood of the daily pullback to the support area around “3” is now quite likely.