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Market Comments for October 9, 2014

 

Every day brings new information. This area at “2” is pivotal and today it got reinforced in a big way by the first showing of the bulls since September 16. Ever since then the bears have been in charge and the bulls have not won any battles. Today’s wide range bar is the biggest bar on the daily chart in the QQQ and the SPY this year. It comes at the critical moment as that key daily support area was tested for the last time. This is what was needed for the bulls.

If the market closed weak sitting at “2” prices would be heading lower tomorrow. The size of the reversal determines how strong the support area at “2” becomes and it is very strong right now. The expectation is that the stage II uptrend on the daily chart has begun again and this reinforces the weekly chart which is never lost astride in the QQQ, and the SPY as well has maintained a weekly uptrend even though it has been slightly weaker.