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Market Comments for August 6, 2014

 

Yesterday the market opened weak and stayed weak throughout the entire trading day. The market closed leaving a medium sized red bar on the daily chart that engulfed the prior days green bar. The SPY is identical and this sets up the situation that prices have been warning. Monday’s high now becomes a critical area for the Bulls. Until prices close above that area the Bears appear to be in control of the daily chart and prices will likely seek that support area on the weekly chart we have been discussing at “3”.