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Market Comments for September 9, 2014

 

Yesterday’s rally touched the top of the bearish red bar that put a lid on the market on the daily chart in the short term. There is some bullishness in being able to retrace back to the top of the red bar, but given the extension on the daily chart, the pattern begins to look like prices are seeing a sideways consolidation begin to form on the daily chart. The line at “1” is tentative because we barely formed a tail, but if we close red today we officially have established a sideways consolidation which may either be a pause that refreshes or a stage III. It is most likely a stage III on the daily that would result in a pullback to the daily support area at “3”.