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Market Comments for August 4, 2014

 

On Friday the market reacted to the prior day’s bearish red bar by trading lower throughout the day but coming back in the afternoon to leave a Doji on the daily chart. This Doji tested a key support level on the QQQ, but the SPY is ready well below most of its daily support area. As discussed Friday, this red bar from Thursday is different and would disrupt the daily uptrend possibly leading to a weekly pullback to a support area, possibly even to the area at “3”. The market is already seen the affects of Thursday’s red bar because it has been over two months since a solid red bar wasn’t immediately ignored. The market is now seeing follow through to Thursday’s red bar and a likelihood of the QQQ breaking its daily uptrending support levels.