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Market Comments for August 19, 2014

 

Over the last two days two key things have transpired. First on Thursday, we said we would likely see a reaction to the area at “1” (“3” on the SPY chart) and we saw a large red bar form. The red bar largely disappeared by close, but it did set up the second key thing. That was that the area at “1” had become a key focal area for the market. The bears reacted to the supply in that area, and now that their reaction has played out in the marketplace, trading above that area means a continuation of the stage II uptrends. The SPY does not have the same daily chart as it has been weaker and is quite possible that the SPY reaching its prior highs may put a burden on the market, but it appears the market uptrends will remain in place.