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Market Comments for September 15, 2014

 

None of the markings on the daily chart you see below have changed since Tuesday’s bearish wide range bar. That established the top and bottom of the base and every day since then has basically been inside of the prior days. Friday was no exception. The SPY has been a little different because Tuesday’s bar dipped below the prior daily base by little bit showing slightly more weakness, but nothing to make the daily price pattern act any different. Prices have encountered a rising 20 period moving average which usually ends a consolidation such as we have seen. This means that the timeline is up and any bullishness that closes above prior day’s highs will likely see some follow through. Likewise if prices cannot get above this area, any weakness from here forward will likely lead to the daily support level at “3”.