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Market Comments for July 28, 2014

 

On Friday the market left another narrow range bar on the daily chart but this was the first one all week that was at all bearish. It closed under the low of the last two trading days and left an unfilled gap above and the SPY was the same. While that sounds pretty bearish these are very narrow bars we are talking about and one bar down does not make a pattern.

The weekly chart of the market is at the upper end of the range where any breakdown on the daily chart would have to be respected but until that happens, the stage II uptrend remains in place. Anytime the daily chart takes a day off it must be monitored, most Thursdays are quickly overridden by this bullish market. If is pullback persists we will see how far it pulls back. 95.50 to 96.00 is the critical area for the QQQ daily uptrend.