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Market Comments for October 17, 2014

 

We discussed yesterday how a proper bottom has formed in many ways at the weekly support area at “4”. This had a severe test yesterday as prices gap down a very large amount first thing in the morning erasing most of the prior day’s bottoming tail/green bar. However the market held the low from early on and came back to retrace the prior day’s entire trading range. This again is a good sign of bullishness, as long as prices follow through to the upside. There is now a serious resistance level at “3” that needs to be overcome if the daily chart is going to grind higher. If it does, there will be a serious area between “1” and “2” that will decide if the market begins forming lower highs on the weekly chart or if will be able to regain its composure and maintain its current weekly uptrend.