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Market Comments for October 6, 2014

 

Yesterday the market opened with a small gap up and stayed strong for the first few minutes of the day following through on Thursday and Friday’s rally. However prices fell the rest of the day and closed weak leaving a small red bar on the daily chart at a critical area on the daily chart at “1”. As it was stated yesterday, closing above the critical area at “1” would likely resume a daily uptrend but until then prices have had a difficult time finding support. The narrow bar yesterday was red but it doesn’t change any of the commentary from yesterday. The SPY is still a wide sloppy pattern and still looks to be looking to find support at “3”.