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Market Comments for July 22, 2014

 

Yesterday the market left a narrow range Doji bar on the daily chart sitting right at the high of the prior days bullish wide range bar. The SPY was similar although the daily chart is slightly weaker. This was quite the expected move after the prior day’s wide range advance. A day of rest sets the stage for a breakout tomorrow to continue the stage II move higher on the daily chart. Another day of rest is possible, but there is still no sign of the bulls tiring as the relentless uptrend continues.