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Market Comments for October 29, 2014

 

Yesterday we saw prices leave the biggest green bar on the daily chart in five trading days. After this extended of a move up with resistance nearby prices are likely within a half day of a short-term top. There was no volume today which would’ve added to the case that this resistance area will hold. This means that it will be much more reliable if prices see a gap up or strong move up in the morning to set the top. Also adding to the confusion is the fact that the SPY has been weaker and is not near its prior highs although it does not need to be to see prices stall.