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Market Comments for August 5, 2014

 

Yesterday the market left a small green bar on the daily chart after dropping most of last week. Both the QQQ and the SPY left small to average size green bars that traded above Friday’s bar for did not encroach much onto Thursday’s bar. Overall the SPY daily chart has much more bearish appearance to it mostly because the rally prior to last week’s decline was not as significant as the QQQ.

The question will be whether or not this decline breaks the trend of the daily pattern and fails to make a new high on this rally. Due to several things we discussed last week it is likely that we will see the break of the daily uptrend. The weekly chart is still in a very strong uptrend. The test will be to see how well prices follow through to yesterday’s green bar or if it gets engulfed today. Any bearishness today will likely lead to a more significant daily and weekly pullback.