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Market Comments for October 1, 2014

 

Yesterday the daily charts left a Doji on the QQQ and the SPY was more like a small red bar. Both of them stayed in the upper half the prior day’s green bar, but the last three day rally was not terribly impressive to erase the bearish indications of a large red bar from Thursday. Although it doesn’t look very powerful, yesterday’s bar is probably a very determinative bar. Closing over that means the daily chart will likely continue its sideways sloppy consolidation and return to the prior highs at “1”. Closing under yesterdays low and we will likely see a test, and probably a break of the daily support area at “2”.