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Market Comments for October 21, 2014

 

Yesterday market left a solid green 20/20 bar on the daily chart that stalled right at the next focal area of resistance. There is not actually much resistance at “2”, the real test for the market is going to be as it approaches the area at “1”. The odds are that prices will leave a topping tail, Doji, or red bar before reaching the area at “1” and that will become the key focal area for the market to move higher. With the weekly chart still in an uptrend on the QQQ, the expectation is that the daily chart will resume a stage II uptrend, but because the SPY broke its weekly uptrend and because there is such a thick area of resistance at and above “1”, it will be a test this time for the market to try to resume its daily uptrend.