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Market Comments for October 15, 2014

 

Yesterday the market held the prior day’s low on a fairly neutral day that likely came about because of the sharp decline in prices over the prior three days. The SPY has arrived in a weekly support area as it has been weaker over recent weeks but QQQ still has some room to fall to its weekly support area at “4”. On the way back up there will be various resistance levels as shown on the daily chart. These will be easily overcome once the market has formed a proper bottom but until then expect these to be serious resistance areas for prices.