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Market Comments for September 3, 2014

 

Yesterday the market had another narrow day and another up day. This actually makes 19 daily bars in row on the QQQ that were bullish in one way or another. The last 11 days were extremely narrow days that continue to grind higher. This is exactly the pattern that was called for back when the bottom was set.

One of these days there will be a snowball affect a profit taking leaving a red bar on the daily chart and the pundits will blame it on whatever news story happened that day. But there is no way to tell when it might happen, and it is not terribly relevant. The market continues to grind higher and even after a one-day selloff it may continue higher. Prices need to see the actual pattern change before anyone come close to declaring that even the daily uptrend is over. Even if and when that happens, the weekly chart is still in an uptrend and will be even after considerable selling.