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Market Comments for September 29, 2014

 

Friday the market left a large green bar on the daily chart that reversed more than half of the prior day’s bearish red bar. This fell perfectly in place with our comments that between the sloppy stage III and the lack of follow through to the downside that we would likely see a retracement prior days red bar. The perfect storm would be for prices to leave a narrow green bar on the daily chart today, sitting on top of Friday’s bar which would then leave a clear direction for prices tomorrow based on the narrow bar. Today will be tricky because Friday could’ve been a partial retracement of a bearish day, but it is more likely that that low will be in place until we retest higher levels.The daily support level (2) and the weekly support level (3) are essentially the same support area now.