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Market Comments for September 23, 2014

 

As indicated yesterday, unless some real strength came into the market yesterday the likelihood was seeing follow through to somewhere between 98.00 and the general area at “2”. The market left another large red bar on the daily chart yesterday. The QQQ left a bit of a bottoming tail. The SPY had less of a bottoming tail but is already quickly approaching its support area which is around the 198.00 area. The support area on the market is a very loose area because there is not any firm support right at the prior pivot in the SPY. The QQQ has a better area and has strong minor support beneath it. In the meantime likelihood of a sideways daily chart appears stronger.