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Market Comments for August 12, 2014

 

Yesterday the market gapped up above the last four trading days and held well throughout the day leaving a small green bar on the daily chart sitting above the prior four days of congestion. The market’s rally stalled right into the last high on the daily chart (1) before the wide range bar that started the bearishness. The SPY was identical yesterday, however the daily chart looks quite different over the last two weeks. The SPY is much more bearish, while the QQQ is actually still sitting on support. There is a lot going on here on the daily chart and the most intelligent, that can be said is that the next couple of days will be critical for the market. We indicated two weeks ago that this move down is different and we may see the market react differently. Prices have already seen a severe drop in the SPY and it is possible prices will see downtrends on the daily chart until the weekly support areas are reached. A lot more will be known in the next couple of days when we see how prices handle the area at “1”, and also the area approaching the prior highs on the daily chart.