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Market Comments for September 24, 2014

 

Yesterday prices held a very narrow range staying rate near the low of the prior day which was the second day down from the key resistance area at “1”. The QQQ and SPY are developing different looks as the QQQ is well above its prior pivot high and the SPY is already beneath it. It is not terribly relevant because neither one of the prior daily chart pivots is really a critical support area. The area at “2” in the QQQ is more likely a strong support area. The same area doesn’t exist on the pattern of the SPY so it will be a difficult area to judge if prices continue to drop. We discussed yesterday the likelihood of a sideways pattern on the daily chart for a while and with yesterday’s bar that looks even more likely. That has to be questioned anytime we close above at the prior day’s high at this point.