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Market Comments for July 29, 2014

 

Yesterday we saw the market leave another narrow body on the daily chart although this one had a bit of a bottoming tail. This is not really a power trend, but is still a very powerful and tight uptrend. This is only a two bar pullback and is already finding a support area to hold at “1”. It is a very shallow pullback but in the most bullish markets this is all that the market will need to hold and move higher. Closing below “1” however does not really do any damage the pattern as this would be a very aggressive level for the market to advance. A normal pullback would land somewhere slightly below “1” and still not come close to challenging the strong daily stage II that is still in place.