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Market Comments for August 15, 2014

Yesterday the market left a narrow green bar on the daily chart. It opened at the low, moved up a small amount, and closed the high. This is the fifth up day in row since the last daily pivot was formed at “2”. This move up today was totally expected as the market will be looking to test the prior high. The first red bar that the market sees will be a critical bar. It will likely come on Monday, but possibly today. It depends how prices open. Once that bar is in place it will become key focal area for the continuing uptrends on the daily charts of the QQQ and the SPY. Any serious selling that results from a red bar will be watched for follow through as that will become the critical high if the market does stall in the area at “1”.