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Market Comments for September 8, 2014

 

On Friday the market left a green bar on the daily chart. The bar on the SPY was a little bigger but they both had lower highs and lower lows from the prior day. Overall the bar would have to be considered neutral and the likelihood is that the rest of the week will follow today’s close. Holding the area of yesterday’s high means it becomes more likely that the daily stage II will continue uninterrupted. That red bar from last Wednesday is still a lingering threat to the bulls and if the market closes under yesterday’s low, the likelihood increases that a daily chart pullback will begin with a likely target area at “1”.