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Market Comments for October 13, 2014

 

The discussion Friday centered around the fact that the volatile and choppy movement of prices over the last month dictates that follow through is needed before any new daily upside bias is to be followed. Until then prices will seek out new support levels as the first level of daily support was ignored on Friday as a wide red bar clearly took out the daily support area that prices were trying to hold last week. Prices actually arrived at the prior pivot low on the weekly chart at “3” which is a significant area for prices to deal with. It also opens the door for a more severe pull back down to the area at “4”, or anywhere in between those two areas that prices complete a full reversal. Until then prices will likely remain choppy and remain in the stage IV downtrend that the daily chart is currently in.