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Market Comments for September 22, 2014

 

On Friday the market gapped up but sold off most of the day leaving a small red bar on the daily chart right at the prior highs on the daily chart. The SPY was similar and this pattern is what we discussed on Friday and is the best scenario to get the best gauge on price action. While it is not a large red bar, closing above the area at “1”, and over Friday’s high, would indicate the continuation of the strong stage II trend on the charts. Until that happens, the odds will favor a return to support on the daily chart landing anywhere between 98.00 and the general area at “2”.