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Market Comments for September 19, 2014


Yesterday the market left another green bar on the daily chart, the third in a row, taking prices right to the prior highs on the daily chart. The market continues to remain so bullish that even the attempted pullback as of yet has not reached the area at “2”. This is normally the minimum expected pullback even in a bullish environment. This means that it is still distinctly possible that the market will fail to go higher at this point and will remain in a wider sideways pattern between “1” and between “2”. Ideally, today will leave some red in the bar so that we can use that as a confirming pattern for the market to go higher. Until prices see confirmation of a breakout they are still in a sideways pattern and will wait to see how prices react to this resistance area today.