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Market Comments for September 11, 2014

 

Yesterday the market opened flat after the prior day saw a severe drop. The prior day had landed on a clear support area at “2” and after the market tested this area several times during the first 60 minutes of trading, it finally rallied and retraced most of the prior day’s large red bar. This continues the market’s sideways consolidation between “1” and “2”. The support line at “2” actually goes back 13 days now and the market has consolidated to the point that it is actually into the rising 20 period moving average once again. The longer the consolidation, the more likely the market breaks above the area continues a stage II uptrend. However this consolidation is very sloppy with large green and red bars and this usually means it will be less likely for the market to continue higher without a pullback in price action first.