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Market Comments for September 5, 2014

 

Yesterday the market gapped up and turned bearish by the end of the day leaving a red bar with a topping tail on the daily chart. While both the QQQ and the SPY broke the prior days low there are various support levels to the left and the most notable one is from four days ago that was not challenged. However as we indicated yesterday it has been very rare in this market for a red bar not to be almost immediately ignored. The second red bar, especially after a gap up, is an indication that sellers are more persistent and with the extended pattern on the daily chart prices are looking at a likely support level close to “1”.