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Market Comments for October 22, 2014

 

Yesterday market left another solid green 20/20 bar on the daily chart. That is not surprising. We discussed yesterday that this area would be reached, but it was surprising that the market closed at the highs and actually above the area at ‘3’. The bears have not made a stand, but it is highly likely they will today. We commented yesterday that prices will leave a topping tail or a red bar in this area. While it was expected today, the strength of the bulls is delaying it until tomorrow. Once the bears leave some signs of selling tomorrow, that high will be the key focal area of price direction going forward. Any daily sell set up in this area must be taken seriously, however, the failure of that sell set up would be the most powerful sign for a bullish move as it would align the daily chart with the weekly chart again.