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Market Comments for October 8, 2014

 

Yesterday the market left a fairly large red bar on the daily chart. This bar at the moment has kept the tight daily micro downtrend in place with the top of that area represented by the line at “1”. That is the key focal area for the bulls, the high from Friday. Trading above that would likely reengage the daily chart into a stage II uptrend. If that were to happen, it would be taken seriously because the daily chart is coming off of a possible support area.

However that is not happened, and until it does the support area on the daily chart has been greatly challenged. There used to be a solid green line on the daily chart just above the 97.00 area. As of today that line is been removed and there is now a reference point only at “2”. As we discussed, due to the weakness in the SPY, and due to the difficult stage III type of top that was put in on the daily chart, it is becoming increasingly likely that both markets may not find support until the area on the SPY at “3”.