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Market Comments for July 31, 2014

 

The market left another red bar on the daily chart and overall it is a similar situation to the prior day. The QQQ actually has a bullish bar although it’s red, and like yesterday the SPY is more bearish. Nothing has changed since yesterday, neither uptrend is challenged but the SPY is getting close. The uptrends have also been very strong so would not be hard to imagine the daily chart taking a little time often coasting sideways for a while. As usual, nothing has changed and we still see stage II uptrends on the daily chart of both markets.