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Market Comments for August 25, 2014

 

On Friday the market left its 13th bullish daily bar on the chart in a row. The recent bars have all been narrow ranged days but all still bullish. We had a lot of comments last week about price action but bottom line it’s a fairly boring situation right now is the market continues to grind higher with nothing at the moment to stop it other than natural pullbacks and some profit taking. The daily support area for the next pullback is in the general area of “1”. While a pullback to “2” would likely hold, it would likely end the daily uptrend for a while. If at any point the market get into some trouble, the weekly support areas at “3”. As long as these levels are in place price patterns will remain in a stage II weekly. As long as an area somewhere above “2” holds, prices will remain in a stage II daily as well.