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Market Comments for July 25, 2014

 

 

Yesterday we saw another narrow range day. The only difference was that is was a narrow red bar in both the QQQ and SPY. That did not make it bearish; it maintained higher highs and higher lows and did not encroach on the prior day. It was a day of rest. It does set up a bit of a threshold because if the market stays under yesterday’s low it does tend to begin its pullback on the daily chart. Likewise, over the red bar and prices will continue the stage ll daily chart. For the moment, the series of narrow range days inside this daily uptrend continues.