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Market Comments for July 30, 2014

 

Yesterday the market left a red bar on the daily chart. The QQQ had a small red bar that was actually more bullish than bearish. The SPY left a bigger red bar that was somewhat bearish. Neither one challenged the stage II uptrends, but another week day and they would be challenged.

When you look at the tight pattern that the market has been in since the beginning of May, it is rather amazing. Since we are in the upper part of a weekly trading range prices will be sensitive to any breakdown on the daily chart and that should be noted. Until that happens though, it is business as usual with a strong stage II daily chart still in place.