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Market Comments for August 20, 2014

 

The grind begins again. Yesterday the market gapped up and once again left a narrow range bar on the daily chart. It stayed in an incredibly narrow range all day, which only widened toward the end of the day as the market climbed higher into the close. The SPY was similar but perhaps a little stronger.

The SPY has a distinctly weaker daily chart which may be the source of the market stalling. It is also quite possible however that the SPY grinds through its resistance area at “1” just as the QQQ did to its similar area. As far as the QQQ, there is no resistance to be seen, and also there is really no support at this point until the area back at “2” is reached. That would be quite bearish and that would happen anytime soon. The next test will be the SPY approaching the area at “1”. Besides that, the daily stage twos are underway, and although the last pullback in the market was unusually strong, it quickly healed itself.