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Market Comments for September 2, 2014

 

On Friday the market left another narrow range day on the daily chart. It ended a week of consecutive narrow range days. This one was a little special because it closed above the range that was set up from the prior four days. This was perhaps a little foreshadowing into this week as to the likely continuation of the stage II uptrends. We will likely see some increased volatility come back into the market as the holiday week is behind us. We are currently sitting in a very tight stage II power trend on the daily charts of the QQQ and SPY and until that changes there is nothing to add to the discussion of the long-term time frames.