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Market Comments for August 11, 2014

 

On Friday the market left a green bar on the daily chart. The QQQ stayed inside the prior days red bar, the SPY was a little more bullish as it traded above the prior day’s bar. The SPY had a steeper decline over the last week so it is not quite as significant as it may sound. The critical concept will be the extent of the retracement of the market, assuming it follows through on Friday’s green bar. There is a significant area at “1”, but this particular pattern has set itself up in such a way that a retest of the prior high is possible, before more selling comes in. Again, the weekly uptrends are still perfectly in place, but the likelihood of the daily chart pulling in some more is very likely at this point. A lot will depend on the extent of the rally that we see over the next couple of trading days.